A Japanese private research institute projected that South Korea's global income ranking will rise from 25th last year to 21st by 2075.
According to the Nihon Keizai Shimbun (Nikkei) on the 27th, the Japan Center for Economic Research (JCER) forecasted that South Korea's per capita real gross domestic product (GDP) will reach $79,200 (Hanwha 116 million won) by 2075 in its interim report on long-term economic projections published approximately every five years.
In contrast, Japan's per capita real GDP was estimated to be around $45,800 (67 million won) by 2075, nearly half of South Korea's. It was predicted that Japan's ranking would drop 16 places from 29th last year to 45th, lower than Kazakhstan and Russia.
The institute predicted that Japan's overall real GDP ranking would fall from 4th last year to 11th by 2075, and that the average economic growth rate for Japan from 2071 to 2075 would remain at 0.3%. It was also observed that Japan's population, currently around 120 million, will decrease to 97 million by 2075.
The institute projected that the top 10 countries by GDP in 2075 will be the United States, China, India, Germany, Indonesia, the United Kingdom, Mexico, Brazil, Canada, and France. This report analyzed 83 countries and regions worldwide, including Hong Kong and Taiwan.
Nikkei noted that Japan will retreat to the mid-tier globally by 2075, emphasizing the need for reforms in employment practices and the use of digital technologies, including artificial intelligence (AI).