S. Korean Economy Fell to 15th Last Year

The global ranking of South Korea's economy fell to 15th last year as such emerging countries as Brazil and India accelerated their economic growth, according to a report released by the World Bank Monday.

The country's gross domestic product (GDP) amounted to $929.1 billion last year, the 15th highest among 186 countries reviewed.

This means that the ranking of the South Korean economy plunged by four notches over the last five years.

GDP is the broadest measure of goods and services produced in a country during a certain period.

South Korea ranked 11th in 2003 but its ranking has since dropped as the size of other emerging economies including India, Brazil, Russia and Australia pulled ahead.

The World Bank said the United States retained its top spot with $14.2 trillion last year, followed by Japan with $4.9 trillion.

China came to third with $3.9 trillion, nudging Germany from the position it held for several years to fourth place.

"Countries like Brazil, India, and Russia saw a jump in their nominal GDP, helped by high economic and price growth while South Korea maintained stable growth pace," a World Bank official was quoted as saying.