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Korea Ranked 9th in GDP Growth Rate among Top 10 Asian Countries Last Year
Growth Rate Rank
Korea Ranked 9th in GDP Growth Rate among Top 10 Asian Countries Last Year
  • By matthew
  • January 17, 2014, 06:05
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COEX Mall, a major symbol of Korea’s economic growth over the past 50 years. Major investment banks estimated Korea’s real economic growth rate for 2013 at 2.8% in 2013, forecasting this year’s figure to be 5.4%.
COEX Mall, a major symbol of Korea’s economic growth over the past 50 years. Major investment banks estimated Korea’s real economic growth rate for 2013 at 2.8% in 2013, forecasting this year’s figure to be 5.4%.

 

It has been found that Korea ranked 9th in GDP growth rate last year among the 10 leading Asian economies. 

According to the Ministry of Strategy and Finance and the Korea Center for International Finance, 10 major investment banks such as Morgan Stanley, JP Morgan, and Goldman Sachs estimated Korea’s real economic growth rate for 2013 at an average of 2.8%. The percentage was 7.7% for China, 7.0% for the Philippines, 5.7% for Indonesia, 4.6% for India, 4.5% for Malaysia, 3.7% for Singapore, and 3.0% for Hong Kong and Thailand. Only Taiwan followed Korea on the top 10 list with an estimate of 2.0%. 

It has also been predicted that Korea’s economic conditions will be improved a little bit in 2014, but the country will remain low in the rankings. 

Specifically, Korea is expected to post an average growth rate of 3.8% next year, following China (7.5%), the Philippines (6.3%), India (5.4%), Indonesia (5.2%), Malaysia (5.0%), and Thailand (4.1%). Korea ranks 7th, tying with Singapore, and was followed by Hong Kong (3.5%) and Taiwan (3.4%). 

However, Korea ranked third with 5.4% in the forecast of current account surplus vis-à-vis GDP for last year. Only Singapore (14.1%) and Taiwan (10.9%) were ahead. The percentage for 2014 is 4.2% for Korea, but 12.9% and 10.2% for Singapore and Taiwan, respectively.