Korea’s Improvement in Economics

According to CNBC, Brazil, one of the top 10 countries that experienced the deadly aftermath of Corona, broke out of the rankings, and Korea took over on April 20, 2021. First, what IMF means is the “International Monetary Fund,” and this data is based on “World Economic Outlook.” This time the IMF ranked the countries based on the value of all products, such as products made in their country and service produced in each country, estimated at prices. The IMF reports its economic growth forecasts to the world in April and September each year and makes revisions based on major countries in January and July. It is very reliable to report at least four times each year. The top 10 economies are the United States, China, Japan, Germany, the United Kingdom, India, France, Italy, Canada, and South Korea. At present, it is only

predictable until 2026, and they do not know after that. 

Korea can achieve so much growth; first, the impact of Corona is less than other major countries. Korea’s GDP fell only one percent from last year. Meanwhile, Brazil lost 10 percent from last year due to its failure to quarantine the CoronaVirus. Although Korea is one of the closest countries to China, it is a significant additional point that GDP has only decreased by 1% due to early quarantine. The global economic market is still unstable due to the ongoing Covid-19. However, Semiconductors and Fishing exports in Korea are famous businesses throughout the world. Plus, thanks to online shopping companies like ‘Coupang,’ it has become a trend. 

The IMF predicted South Korea’s GDP would rise to 3.6 percent this year. Hopefully, the global pandemic will end soon, and it would be a significant benefit to have stability in economics and even all the other sectors.

By: Youngwoong Cho