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The economy of South Korea is a highly developed mixed economy. [19] [20] [21] By nominal GDP, the economy was worth ₩2.61 quadrillion (US$1.87 trillion).It has the 4th largest economy in Asia and the 12th largest in the world as of 2024. [3]
The nearby Namdaemun Market, named after the Namdaemun Gate, is the oldest continually running market in Seoul. [21] Insadong is the cultural art market of Seoul, where traditional and modern Korean artworks, such as paintings, sculptures and calligraphy are sold. [22] Hwanghak-dong Flea Market and Janganpyeong Antique Market also offer antique ...
[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.
South Korea's economy grew at a slower-than-expected pace in the third quarter, as subdued private consumption and weak construction and facility investment offset robust exports. Gross domestic ...
SEOUL (Reuters) -South Korea's economy expanded at the fastest pace in 11 years in 2021 helped by a jump in exports and construction activity, tempering declines in capital investment and a slow ...
This is a list of South Korean regions by GDP. All data are sourced from the latest regional statistics published by the South Korean Government, [1] the OECD and the International Monetary Fund (IMF). [2] [3] The South Korean won has been converted to the international dollar using the IMF's Purchasing Power Parity conversion rate.
North Korea's nominal gross national income in 2023 was estimated to be 1.59 million won ($1,147.56) per capita, equivalent to just 3.4% of the South's 47.25 million won.
GDP comparisons using PPP are arguably more useful than those using nominal GDP when assessing the domestic market of a state because PPP takes into account the relative cost of local goods, services and inflation rates of the country, rather than using international market exchange rates, which may distort the real differences in per capita ...