Korea's gross domestic product (GDP) per capita is expected to slip slightly over the year, from 34th last year to 37th this year, the International Monetary Fund (IMF) predicted.
According to the Bank of Korea and others on Oct. 20, the IMF, in its World Economic Outlook report released on Oct. 15, projected Korea's per capita GDP this year at $35,962 (about 50.83 million won). That is about 0.8% lower than last year's $36,239.
The IMF projected that Korea will usher in the $40,000 era for per capita GDP in 2028 at $40,802, three years from now. This is a one-year acceleration from its April outlook this year, which had estimated the timing as 2029. However, it expected Korea's global ranking to keep slipping from 37th this year to 38th next year, 40th in 2028, and 41st in 2029.
One notable point is that the IMF sees nearby Taiwan overtaking Korea, rising from 38th last year to 35th this year, and continuing its rapid growth to exceed $50,252 in per capita GDP in 2030. Last month, eight major overseas investment banks (IBs) projected Taiwan's real GDP growth rate this year would average around 5.3%.
Japan, by contrast, is expected to see per capita GDP rise from $32,443 last year to $34,713 this year, an increase of nearly 7%, while its global ranking remains at 40th.
The world's No. 1 in per capita GDP this year is expected to be Liechtenstein at $230,171. Liechtenstein is known as a country with more corporations than people, reaping wealth as a financial hub and a haven from taxes.