Korean Economy`s World Ranking Fell to 14th in 2007

The size of the Korean economy measured by gross domestic product ranked 14th in the world in 2007, but the ranking is expected to fall to 16th this year due to the global economic crisis.

According to the Bank of Korea’s compilation of statistics from the World Bank and the International Monetary Fund, Korea’s nominal GDP reached 969.8 billion U.S. dollars in 2007. The country’s GDP rank had jumped to 11th in 2002 before falling to 12th in 2004, 13th in 2005 and 14th in 2006.

The fund projected that Korea was overtaken by Australia last year to rank 15th, and will decline to 16th this year below the Netherlands. It added, however, that Korea will return to 14th in 2011.

jaeyuna@donga.com