(Scrap)S. Korea to become 8th largest exporter

By Cho Jin-seo


Korea is expected to record the fifth highest economic growth this year among G20 nations, and will become the eighth largest exporter in the world, reports showed Tuesday.


With a projected GDP growth of 6.1 percent this year, Korea’s economic vibrancy follows that of China (10.5 percent), India (9.4 percent), Brazil (7.1 percent) and Turkey (6.3 percent), according to a report from the International Monetary Fund to the G20 last week, Yonhap News Agency reported.


On Friday, Finance Minister Yoon Jeung-hyun confirmed a bright prospect for the Korean economy that “our economic indices cannot be better,” though there is growing uncertainties regarding the worldwide economic growth.


Among the G20, Italy was expected to be ranked lowest with a mere 0.9 percent growth.


For 2011, Korea was ranked fourth with a growth forecast of 4.5 percent, following China (9.6 percent), India (8.4 percent) and Indonesia (6.2 percent).


The IMF report said that Korea’s relatively brisk growth is the result of strong exports.


This analysis was supported by data released by the Korea International Trade Association. According to the agency’s report, Korea’s rankings in global exports will go one notch up to eighth place this year, after climbing up three steps last year.


In the first half of this year, local exports amounted to $221.5 billion. It was smaller than that of China, the United States, Germany, Japan, the Netherlands and France, but larger than that of Italy, Belgium and the United Kingdom.


Among the top 10 countries, only China and Korea are exporting more goods and services than before the financial crisis, the report said.


The healthy, prompt recovery in exports is thanks to die-hard popularity of Korean electronic and electric goods. Geographical diversification into less advanced markets also helped, while a sluggish recovery in Europe has damaged Korean exporters’ European competitors.


Next year will be a bit difficult, though, according to the report.


“It is possible for Korea to become the eighth largest exporter this year. But when economic recovery goes into full gear in America and Europe next year, then it will be difficult to stay in the top eight,” the report said. “Korea needs to diversify its markets into China and other developing economies, and diversify its export items beyond IT products.”


http://www.koreatimes.co.kr/www/news/biz/2010/09/123_73059.html



Korea has been growing in Economy.
And I saw the article that Unesco choose Seoul by Design city.
I think Korea's abillity is recognized by World.
It is very optimistic!