Korea’s per capita income to crawl back to $20,000 this year

By Kang Seung-woo

Staff reporter

Korea's per capita income is projected to climb back to the $20,000 level on the strength of solid economic growth and the won's appreciation.

The Ministry of Strategy and Finance said Monday that the nation's per capita gross national income (GNI) is expected to reach about $20,600 this year. The figure is about $3,400 higher than that last year, when it logged $17,175.

"As the economic growth forecast has increased by 0.8 percent to 5.8 percent and the Korean won has remained stronger against the U.S. dollar than in 2009, this year's per capita GNI is likely to surpass $20,000," said an official at the finance ministry.

This is the first time for the nation's GNI to exceed the level since 2007, when it reached $21,659, meaning that Korea is recovering from the global economic crisis.

Korea passed the $10,000 level for the first time in 1994, posting $11,432, continued its rise toward $20,000 until reaching that figure 13 years later.

However, it dropped back below the $20,000 mark in the wake of the economic downturn, sparked by the bankruptcy of Lehman Brothers.

The finance ministry forecast last week that the economy will grow 5.8 percent this year, a sharp rise compared to its earlier projection, reflecting the fast-rebounding economic indicators.

Based on this, the government believes that the GNI is expected to increase by $100 to $200.

Growth of foreign investment in the local financial market will contribute to the rising GNI.

The won-dollar exchange rate averaged 1,276 won last year, while that for 2010 is estimated at around 1,200. As shown in the sinking of the naval ship Cheonan, which affected foreign investors' confidence, resulting in a weaker won, geopolitical issues can always affect the forecast, ministry officials said.

In addition, the eurozone's lingering debt crisis and inflationary pressure, ignited by the long-standing low-rate policy, can also serve as key hurdles en route to reaching the goal, they said.

국민소득 올해 2만달러 넘을 듯

올해 한국의 1인당 국민소득이 경제 성장과 환율 안정 덕분에 3년 만에 2만달러 대를 회복할 전망이다.

기획재정부는 올해 한국의 명목 기준 1인당 국민총소득(GNI)이 2만600달러 내외가 될 것으로 예상된다고 28일 밝혔다. 지난해와 비교하면 3400달러 정도 늘어나는 셈이다.

재정부의 한 관리는 “경제성장률 전망치가 기존 5%에서 5.8%로 0.8%포인트 높아졌고 원화도 지난해 보다 강세를 유지해 GNI가 2만 달러를 초과할 것”이라고 밝혔다.

이 같은 요인으로 한국의 1인당 국민소득이 2007년 2만1659달러를 기록한 이래 처음으로 올해 2만달러대에 복귀할 것으로 전망된다.

1인당 국민소득은 2007년 2만1659달러로 정점을 찍은 뒤 2008년 1만9296달러 및 지난해 1만7175달러로 하락세를 보여왔다.