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South Korean Economy Ranked 10th in the World Last Year

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The South Korean economy moved up two notches by beating Brazil and Russia and became the 10th-largest economy in the world last year, according to the IMF World Economic Outlook.

According to the outlook, South Korea’s GDP per capita was US$31,497 in 2020. It exceeded that of Italy (US$31,288) for the first time.

“According to the IMF, the average of the 2020 and 2021 economic growth rates of South Korea is estimated at 1.3 percent whereas the estimated average stands at 0.2 percent in the case of advanced economies,” the Ministry of Economy and Finance said, adding, “It is likely that the GDP of only eight out of the G20 countries will reach the pre-COVID-19 level this year, including the United States, South Korea and Australia.”

The ministry also remarked that South Korea’s quarterly GDP would rebound to the Q4 2019 level in the first half of this year based on improving export, production and sentiment indicators. “Assuming that the GDP rises 0.6 percent in Q1 and Q2 each, the Q2 GDP will exceed the Q4 2019 level, that is, 468.8 trillion won,” it explained, continuing, “In addition, the 2021 growth rate divided by the 2020 growth rate is expected to be much higher in South Korea than in the group of advanced economies and South Korea’s and the group’s three-year average growth rates for 2020 to 2022 are estimated at 1.8 percent and 1.4 percent, respectively.”

According to the ministry, this year’s rebound for each percent of 2020 degrowth is estimated at 3.6 for South Korea and 1.1 for the group, the South Korean economy in the period of 2019 to 2022 will rebound to a small extent after a slight contraction attributable to COVID-19, and advanced economies will rebound to a large extent after a substantial contraction in that period.

Deputy Prime Minister Hong Nam-ki also stressed that the South Korean economy is recovering fast. “The IMF World Economic Outlook clearly indicates that the South Korean economy is one of the most resilient,” he said, adding, “The IMF recently adjusted its growth forecast for South Korea upward to 3.6 percent.”

 
Yes but Guangdong has twice the population of S Korea.

Still some provinces like Guangdong can be thought of as being developed on par with West, Japan etc.
West and Japan have higher gdp per capita, but that doesn't make them more developed.
 
South Korea's GDP is very impressive not only for its size but for how real it is. Unlike service economy, which can be obfuscated by large numbers of make-work jobs of little value added, South Korea is a heavily industrial dominated country. It is 10th in GDP, but 6th in industrial production. They have a massive 40% GDP share of industry, same as China.

 
What do Korean's call the place? Joseon H*ll. * = e don't know if that word is classified as a swear word.


Do the Chinese call China, H*ll, yet?

South Korea is a very small country that is highly populated and has an extremely competitive society. This is why plastic surgery is so high. A lot of the middle class is sinking into debt trying to keep up. It is a very high stress lifestyle.
 
South Korea is a very small country that is highly populated and has an extremely competitive society. This is why plastic surgery is so high. A lot of the middle class is sinking into debt trying to keep up. It is a very high stress lifestyle.

South Korea isn't that small, it is only small because it's in East Asia. If South Korea was in Europe or the Middle East they'd be a giant. They had the bad luck of being in the toughest neighborhood in the world.
 
South Korea isn't that small, it is only small because it's in East Asia. If South Korea was in Europe or the Middle East they'd be a giant. They had the bad luck of being in the toughest neighborhood in the world.
Or maybe they are lucky to be in east Asia, what they would end up like if they were in the middle east.
 
South Korea is a very small country that is highly populated and has an extremely competitive society. This is why plastic surgery is so high. A lot of the middle class is sinking into debt trying to keep up. It is a very high stress lifestyle.

More complaint about debt. LOL Thieves. Those thieves and everyone else in all these BS economies and fictional world are going to find out what real H*LL is and slavery is.

Soon it will be "Welcome to the desert of the REAL world." ONE man changed it. Just sit back and watch all of you get slaughtered.
 
South Korea isn't that small, it is only small because it's in East Asia. If South Korea was in Europe or the Middle East they'd be a giant. They had the bad luck of being in the toughest neighborhood in the world.
South Korea is geographically small. In Europe it’d be mid sized. But it’s industrial power and cultural influence is powerful.
 

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