Download Korea`s GDP Ranks World`s 10th Largest

Korea’s GDP Ranks World’s 10th Largest
Korea Times
By Kim Yon Se
June 8, 2005
South Korea has become the world’s 10th largest economy in terms of the gross domestic
product (GDP) in 2004, overtaking Mexico.
South Korea’s GDP posted $668.1 billion in 2004, nudging Mexico with $660.8 billion to the
11th position, according to the ``Main Economic Indicators, May 2005’’ published by the
Organization for Economic Cooperation and Development (OECD).
In addition, the GDP ranking of Korea among the members of the group of developed nations
rose by one notch to ninth in 2004, from 10th a year before. China, the world’s seventh
largest economy, is not a member of the OECD.
The United Nations (U.N.) had already ranked Korea 10th in economic scale in its comparison
of 2003 figures, but it was based on the gross national income (GNI) which represents
national purchasing powers.
This is the first time that Korea has ranked 10th in the OECD report. But the OECD, unlike the
U.N. and the World Bank, does not announce the ranking.
Economists at the Bank of Korea (BOK) forecast that the UN and the WB would also rank
Korea at 10th in their 2004 GDP (or GNI) data.
BOK economist Kim Young-tai attributed Korea’s overtaking of Mexico to the dollar’s sharp
depreciation against the world’s major currencies, including the won, last year.
But the value of Mexico’s GDP in terms of U.S. dollars did not grow much as the Mexican
peso moved in line with the U.S. dollar (like the Korean won and the Japanese yen that tend
to move in sync), Kim said.
The United States topped the list with the largest GDP of $11.66 trillion, followed by Japan
with $4.68 trillion, Germany with $2.7 trillion, the United Kingdom with $2.12 trillion. France
took fifth position with $2.01 trillion and Italy was sixth with $1.67 trillion.
Meanwhile, the OECD has not made public the ranking of per capita GDP.
South Korea’s per capita GDP standing is likely to inch up, but the amount is far below that
of major competitors with similar economy scales.
The world’s 10th-largest economy’s per capita GDP ranking has been hovering around
between 45th and 50th over the past 10 years.