The International Monetary Fund in its World Economic Outlook released on Oct. 22 said the country's gross domestic product per capita this year will surpass those of Japan and Taiwan. Shown are export containers in August waiting to be loaded at the Port of Busan. (Yonhap News)
By Yoon Sojung
The International Monetary Fund (IMF) on Oct. 22 said the nation's gross domestic product (GDP) per capita this year will surpass those of Japan and Taiwan.
Media reports from domestic news outlets including Yonhap News said the IMF's World Economic Outlook estimated Korea's GDP per capita this year at USD 36,132, up 1.6% from USD 35,563 last year.
The IMF estimated the country's 2021 figure at USD 37,518. The sum fell to USD 34,822 in 2022 but bounced back last year.
Japan's estimate this year was USD 32,859, down 3.1% from USD 33,899 last year.
Taiwan's was USD 33,234, up 2.6% from USD 32,404 over the same period, meaning the island country overtook Japan but still fell behind Korea.
Next year, the IMF predicted a narrower gap among the per capita GDP of the three countries at USD 37,675 for Korea, higher than Japan's USD 33,234 and Taiwan's USD 32,859.
The report added Korea in 2027 would break USD 40,000 in GDP per capita for the first time.
"Japan's GDP per capita is relatively low due to the weaker JPY to the USD," a Bank of Korea official said on the IMF's findings. "This probably also considered Japan's trend of low economic growth."
