Korea Stays 14th in GDP Table

05-14-2009 [The Korea Times]

By Yoon Ja-youngStaff Reporter


Korea remains the 14th-biggest economy in the world in terms of gross domestic product (GDP), according to a new report.

In the World Development Indicators 2009, the country's GDP stood at $969.8 billion as of 2007, the 14th largest among 188 countries, making up 1.78 percent of globally aggregated GDP.

The country's per capita gross national income (GNI) stood at $19,730.

Korea rose to become the world's 11th-largest economy in 2002 and 2003, but slid to 14th in 2006 and stayed there the following year.

``While Korea recorded stable economic growth and inflation during the period, Brazil, Russia and India posted high economic growth rates and inflation,'' the central bank said.

The United States was the biggest economy in the world with a $13.8-trillion GDP, 14 times bigger than Korea. However, its stake of the pie is getting smaller. The country took up around 40 percent of the global economy in 1960, but the portion shrank to around one quarter in 2007.

Japan was the second largest economy with $4.4 trillion, 4.5 times larger than Korea, followed by Germany, China and the United Kingdom. Japan had 15 percent in 2000, but the ratio now stands at 8 percent. China was the world's sixth-largest economy in 2000, but its high economic growth rate pushed it up in terms of portion, now taking 6 percent of the total.

Korea saw its real GDP grow by 5 percent in 2007, higher than the global average of 3.8-percent growth. China marked the biggest growth at 13 percent, followed by India at 9.1 percent and Argentina, Venezuela and Russia all at an over 8-percent growth rate.

Korea GNI of $19,730 saw it ranked at 48th among the 209 countries. But the figure is much lower than other developed economies in Asia such as Singapore, which has a $32,340-per-capita GNI, and Hong Kong with $31,560.

The richest people in the world in terms of per capita GNI were the people of Liechtenstein, who had $99,159. The second was Bermuda with $84,159, with Norway next at $77,370.

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