South Korea’s economy is projected to continue to rank the 10th largest for three straight years in 2022 in terms of nominal gross domestic product (GDP), data from the International Monetary Fund have showed.
South Korea’s nominal GDP is expected to amount to $1.82 trillion and $1.91 trillion for this year and next year, respectively, Yonhap news agency reported, citing the data.
If the projections are realized, South Korea will continue to rank the 10th largest economy for three consecutive years since 2020.
South Korea saw its economic ranking climb to the 10th in 2018 after staying lower for years. Its ranking dropped to the 12th in 2019 before returning to the 10th last year.
Asia’s fourth-largest economy has shown signs of strong rebound from the pandemic amid robust exports and recovering consumption.
The IMF predicted that the South Korean economy will grow 4.3 percent this year and 3.3 per cent next year.
Last week, the Seoul government revised up its 2022 growth outlook for the country’s economy to 3.1 per cent, saying that exports and private spending will likely gain ground despite heightened economic uncertainty.
The latest projection is higher than the 3 per cent growth forecast made in June.