I’m currently managing director of Content and Business Planning at The Korea Times. Before I took the current position in early 2024, I served as managing editor in charge of both paper and online for over three and a half years. In 2015-2018, I worked as Singapore correspondent covering ASEAN nations.
Per-capita GDP forecast to top $30,000
By Kim Jae-kyoung
2018-10-25(코리아타임스)
By Kim Jae-kyoung
Korea is expected to see its per capita gross domestic product (GDP) exceed $30,000 this year and surpass $40,000 in 2023, according to the National Assembly Budget Office (NABO), Thursday.
In its outlook report released Thursday, the office forecast that the nation's GDP will reach $31,862 this year, up about 7 percent from $29,744 a year before.
The prediction is based on the assumption that the won-dollar exchange rate will average 1,091 won per dollar and the nominal GDP will grow 3.6% in 2018.
If the prediction materializes, Korea will become the third country in the Asia-Pacific region to achieve the $30,000 mark following Japan and Australia and the ninth among members of the Organization for Economic Cooperation and Development.
GDP is the total value of goods and services produced in a country over a certain period, usually one year.
The office also forecast that the per-capita GDP will reach $33,755 in 2019 and surpass $40,000 by 2023.
Citing the recent forecast by the International Monetary Fund, the office said, “Korea is expected to be on par with countries such as Japan, Italy, Spain and Israel by 2023, with its per capita GDP reaching the $40,000 level.