Likely to Rejoin Top 10
The International Monetary Fund (IMF) estimated South Korea’s 2020 GDP at US$1,586.8 billion in its report published on Nov. 15, saying that South Korea would climb two notches to 10th this year.
If so, South Korea will rejoin the top 10 for the first time in two years. It took the 10th place in 2004 and 2005 and remained out of the top 10 until 2017.
“South Korea is one of those relatively less affected by the global economic recession triggered by COVID-19 and Brazil and Russia are predicted to come in 12th and 11th this year, respectively,” the IMF said, adding, “South Korea’s 2021 GDP and ranking are estimated at US$1,674.1 billion and 10th, respectively.”
The IMF’s global growth estimate for this year is negative 4.4 percent. Specifically, its estimate is negative 12.8 percent for Spain, negative 10.6 percent for Italy, negative 10.3 percent for India, negative 9.8 percent for France, negative 6 percent for Germany, negative 5.3 percent for Japan and negative 4.3 percent for the United States. Its estimates for China and South Korea are 1.9 percent and negative 1.9 percent, respectively.