Korea 'to Join World's Top 10 Economies by 2020'

      March 05, 2010 12:52

      Provided that there is no economic crisis of the magnitude of the Great Depression, Korea's per capita GDP will approach US$40,000 by 2020, the Hyundai Research Institute predicts. The Chosun Ilbo, to mark its 90th birthday, commissioned the institute to paint a picture of Korea 10 years from now.

      If Korea continues to maintain its potential growth rate of 4 percent or above, per capita GDP, which stands at less than $20,000 at the moment, will exceed $30,000 in 2016 and reach $37,885 in 2020, roughly the level now enjoyed by Japan (US$38,457), Singapore (US$38,972) and Italy (US$38,972).

      Korea's status in the global economy will also grow. Ranging between 10th and 15th in the world in the past several years, Korea's economy will expand from $984.4 billion in 2009 to $1.87 trillion in 10 years' time, securing the country's position in the world's top 10.

      The driving force of Korea's economic growth will be free trade agreements, the institute said. With the ratification of FTAs with the U.S. and EU scheduled by mid-2010, manufactured goods and the service sector will open. With a series of FTAs planned with Russia, Turkey, Israel, Colombia, and South Africa, Korean markets will be fully open, which is expected to boost the export market for Korean companies and human resources.

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