South Korea's GDP Ranking Drops Two Places to 10th... First Decline in 11 Years Since Financial Crisis

On the 26th, when the government implemented measures to restrict the use of public transportation by citizens not wearing masks, people at Sadang Station bus stop in Seoul were using the bus while wearing masks. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jang Sehee] Last year, South Korea's Gross Domestic Product (GDP) ranking dropped by two places.

According to the Organisation for Economic Co-operation and Development (OECD) on the 27th, South Korea's nominal GDP in 2019 was $1,642.18 billion, ranking 10th among 38 countries including OECD member countries and major emerging economies.

It fell two places from 8th to 10th, trailing Canada (8th) and Russia (9th). This drop in ranking is the first in 11 years since the financial crisis period in 2008 (12th → 14th). Since then, the rankings were ▲13th from 2009 to 2012 ▲12th in 2013 ▲11th in 2014 ▲10th from 2015 to 2017 ▲8th in 2018.

Last year, South Korea's nominal growth rate was 1.4%, the third lowest among 47 countries surveyed by the OECD, which also contributed to the drop in GDP ranking.

South Korea's GDP per capita was $31,682, down from $33,340 the previous year, but since other advanced countries such as Italy and France also saw decreases in GDP per capita, South Korea's ranking remained unchanged.

The United States and China recorded $21,427.7 billion and $14,342.9 billion respectively, showing a gap of $7 trillion.

Meanwhile, Japan ($5,081.8 billion), Germany ($3,846.2 billion), the United Kingdom ($2,827.1 billion), France ($2,708.0 billion), and Italy ($2,001.2 billion) ranked from 3rd to 7th place.