Ranks 6th in Global Power Index... Surpasses This Year’s G7 Chair Japan
As South Korea has been officially invited to the G7 Summit to be held in Hiroshima, Japan on the 19th, it has been revealed that the country has enhanced its national competitiveness to a level comparable to the G7 in areas such as innovation, economy, and security.
On the 17th, the Federation of Korean Industries (FKI) announced this after conducting a comparative analysis of the relative positions of the G7 and South Korea in five areas: ▲military power ▲economic strength ▲innovation capability ▲economic security ▲influence.
South Korea ranked 6th in the '2023 Global Military Strength Index' published by the U.S. military power assessment organization Global Firepower (GFP). It is the next rank right after the United States and the United Kingdom among G7 countries. Excluding countries that effectively possess nuclear weapons such as the United States (1st), Russia (2nd), China (3rd), India (4th), and the United Kingdom (5th), South Korea is at the highest level.
South Korea also holds a relative advantage in economic strength. In last year's global export market share, South Korea ranked 6th (2.8%), following the United States (2nd, 8.4%), Germany (3rd, 6.7%), and Japan (5th, 3.0%) among the G7. According to 2021 IMF statistics, the proportion of IT exports was 29.2%, significantly higher than the G7 average of 4.8%. Last year, South Korea's Gross Domestic Product (GDP) was ranked 13th globally ($1.665 trillion, announced in April 2023, IMF), somewhat behind the G7 countries. Last year's domestic economic growth rate was 2.6%, exceeding the G7 average of 2.3%.
In terms of innovation capability, South Korea appears to hold a relatively leading position. According to the Organisation for Economic Co-operation and Development (OECD), South Korea ranked 2nd worldwide in 2021 for research and development (R&D) investment as a percentage of GDP (4.9%), nearly twice the G7 average (2.6%). In international patent applications, an indicator of national innovation capacity, South Korea ranked 5th globally, following Japan (1st) and the United States (3rd). It also ranked 6th in the World Intellectual Property Organization (WIPO) Global Innovation Index and 1st in the Bloomberg Innovation Index.
In terms of economic security, South Korea is expanding its role as a key player in the global supply chain. As of 2020, South Korea held an 18.4% share of the semiconductor market, ranking 2nd globally after the United States (50.8%). Its battery production share was 2.5% in 2021, ranking 5th worldwide. In the global artificial intelligence (AI) index, South Korea ranked 7th, following the United States (1st), the United Kingdom (3rd), and Canada (4th).
In the influence category, evaluations varied by field. Unlike the G7 countries, all of which were included in the top 10 in the 2023 Global Soft Power ranking released by British Brand Finance?where the United States ranked 1st, the United Kingdom 2nd, and Germany 3rd?South Korea ranked relatively low at 15th. In the comprehensive global city competitiveness ranking, which indirectly measures a country's influence through cultural attractiveness and the concentration of global talent, Seoul ranked 7th, following London (1st), New York (2nd), and Tokyo (3rd).
South Korea ranked 6th (64.7 points) in the '2022 Global Power Ranking,' which comprehensively evaluates economic, political, military, diplomatic, and leadership power. It surpassed G7 members such as France, Japan, Canada, and Italy. This ranking was conducted by U.S. News & World Report and the University of Pennsylvania's Wharton School based on a global survey. The United States scored 100 points, ranking 1st, while Germany (81.6 points) ranked 4th and the United Kingdom (79.5 points) ranked 5th.
Kim Bong-man, head of the FKI International Headquarters, said, "South Korea now carries sufficient weight comparable to the achievements of G7 member countries," adding, "It is time for South Korea to take on a responsible role in the international community as a leading country that drives global economic growth and shapes norms." He further stated, "In the long term, we hope South Korea will officially join the G7 and expand it to the G8."
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