South Korea is poised to move up three notches in the Organization for Economic Cooperation and Development(OECD)'s gross domestic product(GDP) ranking this year, despite an expected COVID-19 economic contraction.

According to the OECD on Monday, the South Korea economy's nominal GDP is forecast to decline one-point-eight percent on-year to about one-point-54 trillion dollars this year.

Although the economy is expected to shrink, the nominal GDP would be ninth among the OECD's 37 members and nine non-member countries and three ranks up from 12th last year.

This is because the economies in Brazil, Canada and Russia, which placed ninth, tenth and eleventh last year, respectively, are forecast to have been dealt a bigger blow from the pandemic.

Canada's nominal GDP is predicted to drop seven-point-five percent this year, Russia's by 14-point-one percent and Brazil's by three-point-nine percent.

Despite a five-point-seven percent decline in nominal GDP this year, the United States is forecast to top the list with 20-point-20 trillion dollars, followed by China with expected 13-point-83 trillion dollars.