Overview of South Korea’s Real GDP Growth
The real GDP of South Korea increased by 4.0% from the previous year and reached $1.5 trillion in 2021. South Korea's real GDP grew at a CAGR of 2.7% between 2010 and 2021. However, an increase in COVID-19 cases and rising oil prices amid conflict between Russia and Ukraine dimmed South Korea's growth outlook.
Outlook on Global Economy Growth
Real GDP growth is GDP’s annual percentage growth rate at market prices based on constant local currency.
The US, China, Japan, Germany, and India are the world's top five economies in terms of real GDP. The US is the largest economy in the world, followed by China. In 2021, the US real GDP grew at a rate of 5.7% over the previous year and became an $18.7 trillion economy. The US real GDP grew at a CAGR of 2.0% between 2010 and 2021. China is one of the fastest-growing economies in the world, with an annual real GDP growth rate of 8%; it grew at a CAGR of 7% between 2010 and 2021. In 2021, India’s annual real GDP growth rate was 9% and grew at a CAGR of 5% between 2010 and 2021.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
More cases have been reported globally due to Omicron, a new COVID-19 variant, which has disrupted supply chain management. However, the worldwide vaccination campaign has decreased COVID-19 fatalities.
Russia-Ukraine war:
A prolonged conflict between Russia and Ukraine will continue to affect global economic growth. Investment and trade have been adversely affected due to the war as economic sanctions have been imposed on Russia, and several big companies have stopped their operations in the country.
Rising Inflation and Interest Rates:
The inflation rate in developing and advanced economies have been rising, causing central banks to tighten monetary policy and raise interest rates to control price rises. However, a sustained rise in interest rates could push some economies into financial distress.
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