Unified Korea to rank as world’s 6th-largest economy in 2030: UK think tank

December 31, 2018

SEOUL - A British economic think tank is predicting that Korea will rise to become one of the world's 10 largest economies by 2026 - and that it could rank sixth in 2030 if reunification of the Korean Peninsula occurs. 

The London-based Centre for Economics and Business Research (CEBR) in its annual report, "World Economic League Table 2019",
ranking of the world's developed and emerging economics by GDP measured in USD, the centre has Korea in 11th place. 

Given the recent rapprochement in inter-Korean relations, the report said, "If it develops further it could become a major stimulus to growth". "A unified Korea at South Korean living standards would have a GDP that would be the sixth largest in the world in the 2030s overtaking, both the UK and France." 

The report predicted that Korea's GDP "would rise at annual rates of 2.7% from 2018-23 and by 3.0% from 2023-33." 

"Korea is a fast-growing and wealthy economy in Asia which, in GDP per capita terms, is rapidly catching up with its neighbour Japan," the report added, mentioning Korea's GDP per capita of US$41,420.

The report said that, since the end of the 1997-98 Asian economic crisis, Korea had emerged as a global leader in ICT hardware. www.koreanet.kr (ATI).