Korea last year finished as the world's tenth-largest economy, beating out Brazil and Russia. Per capita income was an estimated USD 31,497, exceeding that of Group of 7 economy Italy (USD 31,288) for the first time.
The Ministry of Economy and Finance on April 7 released these figures in its media release titled "Characteristics and Meaning of the (International Monetary Fund) IMF's April 2021 World Economic Outlook."
From 2015-17, Korea was the world's 11th-largest economy and rose to tenth in 2018. It finished 12th in 2019 and returned to No. 10 last year.
The ministry said, "Last year, Korea effectively and swiftly responded to the COVID-19 pandemic to minimize the impact on the economy," adding, "Considering the trend of improvements in export, production and business sentiment indicators, the Korean economy, based on quarterly GDP, will return by the first half of this year to its pre-crisis level as seen in 2019's fourth quarter."
Foreign direct investment (FDI) both pledged to and arriving in Korea in the first quarter of this year increased.
The Ministry of Trade, Industry and Energy on April 5 said pledged FDI in the quarter was an estimated USD 4.74 billion and arrived FDI USD 4.27 billion. The former figure jumped 44.7% year on year to USD 4.7 billion, the third-largest quarterly performance, and the latter saw growth of 42.9% to USD 4.3 billion, a quarterly record.
By country, FDI pledged by the European Union saw the largest spike of USD 3.11 billion, trailed by China's USD 860 million. Japan (USD 240 million) was third and the U.S. (USD 230 million) fourth.
The Trade Ministry said, "Investment rose in Green New Deal sectors for achieving an eco-friendly and low-carbon society and in new industries related to the Fourth Industrial Revolution. And continued investment in high-tech materials, components and equipment has contributed to strengthening the competitiveness of Korean industry."
etoilejr@korea.kr