South Korea’s per capita gross domestic product (GDP) could top $30,000 next year if the Korean won does not depreciate sharply, according to the finance ministry and central bank.
Individual income would reach over $29,000 this year, up from $27,500 last year, due to faster expansion of the gross domestic product and stronger value of the Korean won against the U.S. dollar. Last year, income per Korean merely added $400.
The income of an estimated 51.62 million South Koreans could average $30,400 next year if the GDP expands by 4.5 percent as forecast by the government.
It would have taken 12 years for South Korea to achieve a new milestone in income since it last passed $20,000 threshold.
But renewed strengthening in the U.S. dollar from the U.S. Federal Reserve’s monetary tightening and next year’s economic performance could weigh down income growth.
By Boo Jang-won
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]