The International Monetary Fund (IMF) projected that our country will achieve a per capita Gross Domestic Product (GDP) of $40,000 in four years. It also noted that due to slowing growth rates, it is expected to be surpassed by Taiwan next year.
According to the Bank of Korea and others, the IMF estimated South Korea's per capita GDP for this year at $34,642, a decrease of 4.1% from last year, in its 'World Economic Outlook' report released on the 22nd.
The IMF reported that South Korea's per capita GDP rose from $33,653 in 2020 to $37,518 in 2021, before dropping to $34,822 in 2022. It then increased to $35,563 in 2023 and $36,129 last year, but is expected to decline again this year.
The time for surpassing $40,000 was projected to be in four years. It is expected to gradually increase to $35,880 next year, $37,367 in 2027, and $38,850 in 2028, before reaching $40,341 in 2029.
Earlier, the IMF projected in a report released last October that it would increase to $37,675 this year and $39,321 next year, before exceeding $40,000 in 2027. Compared to six months ago, the timing for entering the $40,000 range has been delayed by two years.
The IMF also projected that South Korea's per capita GDP will be surpassed by Taiwan starting next year. It expected Taiwan's per capita GDP to steadily increase to $34,426 this year and $36,319 next year.
This figure aligns with the IMF's projections for economic growth rates by country. The IMF anticipated that South Korea's GDP growth rate would recover to 1.0% this year, 1.4% next year, and 2.1% in 2027, before stagnating at 2.1% in 2028, 1.9% in 2029, and 1.8% in 2030.
In contrast, Taiwan is expected to maintain a GDP growth rate in the 2% range, with projections of 2.9% this year, 2.5% next year, 2.4% in 2027, 2.3% in 2028, 2.2% in 2029, and 2.1% in 2030.