There is a forecast that Korea's real gross domestic product (GDP) per capita will trail Taiwan by more than $10,000 in five years. Taiwan surpassed Korea's GDP last year, and analysts say the gap will widen every year from here.
According to the Bank of Korea and others on the 19th, the International Monetary Fund (IMF) projected in its World Economic Outlook report that Korea's per capita GDP this year will be $37,412. That is up 3.3% from last year's $36,227. However, it is about $100 lower than the projection for 2026 ($37,523) presented in Oct. last year, which is attributed to the rise in the won-dollar exchange rate. The IMF also said Korea's per capita GDP will surpass $40,000 in 2028.
By contrast, the IMF projected that Taiwan will surpass $40,000 in per capita GDP this year. It said Taiwan's per capita GDP will increase from $39,489 last year to $42,103 this year. It also expected the figure to reach $50,370 in 2029.
Accordingly, the per capita GDP gap between Korea and Taiwan is $4,691 in 2024, $5,880 in 2027, $6,881 in 2028, $7,916 in 2029, and $9,073 in 2030. The gap widens every year. It also projected that in 2031 Korea will be at $46,019 and Taiwan at $56,101, with the per capita GDP gap between the two countries exceeding $10,000.
Meanwhile, the IMF projected that Japan's per capita GDP this year will be $35,703, down about $300 from last year's $35,973. It expected Japan to surpass $40,000 in per capita GDP in 2029, one year later than Korea.