Economic outlook is not optimistic, Korean media: South Korea's GDP has experienced the largest decline in 14 years | South Korea | GDP
According to the Korean National Daily on August 9th, South Korea's gross domestic product (GDP) experienced its largest decline since the global financial crisis in 2022, and its economic ranking also dropped by two places, ranking 13th.
On August 8th, the Korean National Daily analyzed the GDP data of the top 100 countries in terms of economic scale released by the World Bank and found that South Korea's nominal GDP decreased by 8% year-on-year last year. This is the largest decline since the 2009 financial crisis. Among the top 100 countries in terms of economic scale, only Ukraine, Sri Lanka, Japan, Myanmar, Ghana, and Sweden experienced a greater decline in GDP last year compared to South Korea.
In addition, South Korea's economic ranking has also dropped from 11th place in 2021 to 13th place last year. In 2020, South Korea's economy entered the top ten globally, but fell back to the level of 2013 last year.
The report states that the prospects for the South Korean economy are also not optimistic. It is difficult to expect a sharp recovery this year due to reasons such as a sharp drop in semiconductor exports. Some analysts also believe that the fragility of the South Korean economy is emerging under new trends in the global trade order, such as supply chain fragmentation and restructuring, and the rise of economic security.