Korean Economy Remains World's 15th Largest

      July 08, 2010 08:33

      The Korean economy was the 15th largest in the world in 2009 for a second year in a row. The nation's nominal gross domestic product reached $832.5 billion last year, according to a report released by the World Bank on Wednesday.

      Korea's economy reached 11th in the worldwide rankings in 2003, but had backslid since then to 12th in 2004, 13th in 2005, 14th in 2006 and 2007, and 15th in 2008.

      The ranking stood still in 2009 mainly because Korea's real GDP growth rate stayed at 0.2 percent with consumer inflation remaining stable at 2.8 percent. Nominal GDP increases with rises in real GDP, consumer prices, and currency values.  

      Brazil climbed two notches to 8th in 2009 with economic growth of 3.9 percent and a sharp 32.7 percent increase in the value of its currency. Australia rose one place to 13th with a growth rate of 1.3 percent and a 27.3 percent increase in currency value.

      With fast economic growth of 7.4 percent, India ascended from 12th in 2008 to 11th in 2009. Meanwhile, Russia tumbled from 8th to 12th as its economy shrank 7.9 percent last year.

      The rankings of the top five remained unchanged from 2008 with the U.S. in first, followed by Japan, China, Germany, and France.  

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