Per capita GDP expected to reach $36,132 this year, surpassing Asian competitors amid fiscal concerns
Assembly line at Hyundai Motor's factory in Ulsan, South Korea, July 6, 2006 via Wikimedia Commons
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 strengthening economic position in the region, noting Japan's relatively lower dollar-denominated per capita GDP due to the weak yen and prolonged low growth. South Korean media highlighted that this projection would put Korea ahead of both Japan and Taiwan in per capita GDP terms.
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 strengthening economic position in the region, noting Japan's relatively lower dollar-denominated per capita GDP due to the weak yen and prolonged low growth. South Korean media highlighted that this projection would put Korea ahead of both Japan and Taiwan in per capita GDP terms.
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