English Think Tank: "Korea's GDP to Rank 9th Globally by 2028"

It is projected that South Korea's per capita Gross Domestic Product (GDP) based on Purchasing Power Parity (PPP) will rank 9th in the world by 2028.

High-rise buildings in Yeouido financial district / Photo by Dongju Yoon doso7@

On the 26th (local time), the UK-based Centre for Economics and Business Research (CEBR) forecasted in its "World Economic League Table 2024" report that South Korea's GDP growth rate from 2024 to 2028 will average 2.2%. South Korea ranked 10th in 2018 but fell to 13th last year.

However, CEBR identified the world's lowest birth rate as a risk factor. The low birth rate, combined with aging and increased life expectancy, could lead to various economic problems such as labor shortages and public finance pressures.

Accordingly, CEBR predicted that South Korea will rely more on productivity growth. Although South Korea's productivity is near the bottom among OECD countries, this can also be seen as having more opportunities for a rebound.

Meanwhile, CEBR expects China's GDP, currently ranked 2nd, to surpass the United States by 2037 and claim the top spot as the world's largest economy.