Korea’s economic growth 5th largest among G20

Korea is expected to have the fifth fastest growth rate among G20 nations this year, and will likely to move up to fourth place in 2011. The G20 Finance and Central Bank Deputies Meeting held in Gwangju earlier this month reported that the estimated growth rate for Korea is 6.1 percent this year, and will climb further to reach the fourth largest economic growth rate worldwide next year at 4.5 percent. Meanwhile, China’s economy is predicted to expand the most at 10.5 percent, followed by India (9.4 percent), Brazil (7.1 percent) and Turkey (6.3 percent). Indonesia (6.0 percent), Argentina (5.4 percent), Mexico (4.5 percent) and Russia (4.3 percent) follow Korea in the rankings, while Italy is expected to grow only by 0.9 percent, posting the worst growth rate on the list. Korea’s solid financial reserves and strong competitiveness in exports will help to decelerate the economic downturn. Next year, China is expected to top the list again, with a 9.6 percent growth rate, while India (8.4 percent) and Indonesia (6.2 percent) are also expected to maintain strong growth. Mexico, Brazil, Saudi Arabia and Russia are all expected to have growth rates of about 4 percent.

During the meeting, the IMF recommended that G20 nations normalize their economies through appropriate exit strategies from fiscal stimulus measures, and develop healthy fiscal policies for next year.

Korea’s Ministry of Strategy and Finance noted that the international community showed great interest in Korea’s ability to recover from the economic downturn at the recent G20 meeting, while the global economy is still struggling to get back on track.

Source : http://korea.net

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