The International Monetary Fund (IMF) estimates South Korea’s per capita gross domestic product (GDP) will reach $36,132 this year, an increase of 1.6% from $35,563 in 2023, according to its World Economic Outlook report released earlier this week. The IMF maintained its 2024 economic growth forecast for Korea at 2.5%, aligning with projections from other institutions including the OECD (2.5%), Korea Development Institute (2.5%) and the Bank of Korea (BOK) (2.4%).

The IMF projects the GDP will surpass $40,000 for the first time in 2027, the BOK noted Thursday. Central bank officials emphasized Korea’s