South Korea’s economy 11th largest in the world

According to data compiled by the World Bank, South Korea’s nominal GDP in 2015 was US$1.38 trillion - the indicator commonly used to compare the size of national economies.

South Korea’s ranking in nominal GDP in dollars had hovered around 11th and 12th in the early 2000s until rising to 10th in 2005, but since fell to 15th in 2008.

South Korea’s rise in the economic ranks last year resulted from a major economic contraction in two countries that had been ahead of it, rather than any particular fiscal measure instigated by the government. Russia and Australia – countries whose economies are tied to raw materials – faltered in the face of falling commodity prices.

Renowned for its diversified economy, South Korea’s notable industries include cars, circuits, and a variety of hydrocarbon services – alongside its pioneering work in such high tech industries as robotics and biotechnology.

Read the August issue of Business Review Australia & Asia.

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SOURCE: [hankyoreh]


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