Extra! Korea

May 18, 2009

Korean economy may fall to 16th place this year

Filed under: economics — extrakorea @ 3:52 am

In an earlier post, I wrote about how the Korean economy has fallen to 14th place. Now, according to statistics compiled by the Bank of Korea, the economy is expected to fall further down the rankings, to 16th, place, as Australia and the Netherlands overtake it.

As commenter Angus astutely pointed out after my earlier post, these rankings don’t really indicate the people’s quality of life or happiness. Maybe Koreans should be more concerned about the facts that Korean kids are the unhappiest in the OECD or that many, many of them are dying from traffic accidents and suicide.

However, I remember the days when Koreans would always say, “We must become a developed country, we must become a developed country …” like a mantra. Now that they are, officially, an advanced, developed country, they have new obsessions: becoming a hub of everything, improving their “nation brand,” etc.

1 Comment »

  1. The KRW dropped 37% against the dollar last year. Does that mean that the actual size of the economy dropped by 37%? Of course not. The Donga Ilbo measure looks to be a straight dollar-denominated calculation instead of PPP. I’d be very surprised if Korea dropped three or four rankings in GDP measured as PPP.

    Comment by kushibo — May 18, 2009 @ 5:34 am

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