Korea Ranked 3rd in U.N. Industrial Performance Index
The Korea Institute for Industrial Economics & Trade announced on May 5 that South Korea came in third out of 152 countries, behind Germany and China, in Competitive Industrial Performance (CIP) Index 2018, which was published by the United Nations Industrial Development Organization (UNIDO) in July last year.
“Of 28 major states, South Korea showed the second-highest ratio of manufacturing,” the institute said, adding, “Last year, South Korea’s decline in growth rate and increase in unemployment rate were equivalent to only 39 percent and 15 percent of the G7 averages and the fourth- and sixth-lowest in the group of 28, respectively.”
According to the institute, the South Korean economy’s resilience is because exports from the domestic manufacturing sector increased fast although the COVID-19 pandemic hindered domestic demand expansion.
“South Korea’s semiconductor, display and petrochemical sectors are top-tier and they are leading its exports these days,” it went on to say, continuing, “Most of South Korea’s key industries are deeply connected to global supply chains and, as such, it would be well advised to closely monitor the ongoing supply chain reorganization led by the United States while pursuing export market diversification.”