Seoul, December 27, 2012 : .According to data from the International Monetary Fund, South Korea is expected to remain ranked 10th in nominal gross domestic product (GDP) for the next three years.According to Yonhap, South Korea’s nominal GDP will be $1.82 trillion this year and $1.91 trillion next year.
If projections prove true, South Korea will remain the number 10 largest economy in the world for the next three years.
After being lower for many years, South Korea’s economic ranking climbed to the 10th spot in 2018.After falling to 12th in 2019, it climbed back to 10th place last year.
Asia’s fourth largest economy is showing signs of a strong recovery from the pandemic, with robust exports and rising consumption.
According to the IMF, South Korea’s economy would grow by 4.3 percent in this year and 3.3% next year.
Seoul’s government raised its growth forecast for 2022 to 3.1% last week.It stated that private and export spending would likely grow despite increased economic uncertainty.
This projection exceeds the June 3 percent growth prediction.
int/shs
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