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S. Korea to rank 9th in 2020 global GDP rankings despite 1.8% contraction: OECD Updated: 2020-08-10 17:01:10 KST

The OECD says that even if South Korea shrinks this year as projected, it's still likely to move up three notches to become the world's ninth largest economy in the world.
The OECD forecasts South Korea's nominal GDP to decline by 1.8 percent this year to about 1.5 trillion U.S. dollars.
That would move it from the current 12th-largest to the ninth-largest among the 37 members of the OECD plus nine non-members.
It would move past Brazil, Canada and Russia, whose economies have been hit harder by the pandemic.
The world's biggest economy will still be the United States, despite a contraction of 5.7 percent.
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