On Monday, a report from the Organization for Economic Cooperation (OECD) estimated South Korea’s global gross domestic product (GDP) ranking to rise this year.
South Korea is estimated to be at the ninth in the global GDP rank in 2020, up by three notches from 2019. The country’s nominal GDP is likely to fall by 1.8% year-on-year to around USD1.54 trillion.
South Korea is likely to exceed Brazil, Canada, and Russia who each was on the ninth, 10th, and 11th last year as those countries are seen to be affected harder by the coronavirus pandemic. Canada is projected to suffer an economic contraction of 7.5% this year, with the Russian economy forecast to shrink 14.1 %. Brazil's nominal GDP is predicted to drop by 3.9%.
Meanwhile, the US is forecast to top the global GDP list with USD20.20 trillion despite facing a 5.7% fall. China would follow right after with USD13.83 trillion, along with Japan with USD4.85 trillion, Germany with USD3.56 trillion, India with USD2.72 trillion, the UK with USD2.45 trillion, France with USD2.38 trillion, and Italy with USD1.73 trillion.
Tags: AlwaysFree,Americas,Brazil,Canada,China,English,Europe,France,Germany,India,Italy,Japan,Korea,Russia and CIS,US,World
Published on August 11, 2020 12:17 PM (GMT+8)Last Updated on August 11, 2020 12:17 PM (GMT+8)
