CNBC Broadcast Citing IMF Economic Forecast
Strong Semiconductor Exports and Quarantine Success Contribute to Economic Resilience
[Asia Economy Reporter Naju-seok] As the COVID-19 pandemic caused seismic shifts in the global economy, forecasts have emerged that the Korean economy will maintain its status as one of the world's top 10 economies for some time. The International Monetary Fund (IMF) predicted that the Korean economy will remain within the top 10 globally in terms of Gross Domestic Product (GDP) rankings until 2026.
On the 20th (local time), CNBC cited the IMF's global economic outlook to present the world economic rankings. According to the analysis, Korea, which was ranked 12th in the world in 2019, rose to 10th place last year. The IMF expects this trend to continue through 2026.
CNBC attributed this to factors such as Korea's strong semiconductor exports last year and some successes in quarantine measures.
On the other hand, Brazil, which ranked 9th in GDP size globally in 2019, fell to 12th place. This was due to a sharp increase in COVID-19 cases, resulting in a -4.1% GDP growth, followed by only 3.7% growth this year.
Bloomberg also evaluated that Korea and Australia showed rare resilience in the Asia-Pacific region on the same day. Bloomberg reported, "Australia nearly eliminated COVID-19, and in Korea's case, the cumulative number of COVID-19 cases was about 115,000, which is low compared to other countries with similar populations."
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