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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, Oct. 20 — South Korea’s per capita gross domestic product (GDP) is expected to fall three places from last year’s global ranking, dropping from 34th to 37th in 2024, according to the International Monetary Fund (IMF).
In its latest World Economic Outlook released on October 15, the IMF projected South Korea’s per capita GDP at US$35,962 this year — a 0.8% decline from last year’s US$36,239. The country is now forecast to surpass the US$40,000 mark in 2028 (US$40,802), one year earlier than previously expected, though its global ranking will continue to slide to 40th in 2028 and 41st in 2029.
By contrast, Taiwan is projected to show strong upward momentum. The IMF expects Taiwan’s per capita GDP to surge 11.1% from US$34,060 in 2023 to US$37,827 in 2024, pushing its global ranking up three spots to 35th. Taiwan is also expected to enter the US$40,000 range by 2025, two years ahead of South Korea, and to exceed US$50,000 by 2030 (US$50,252), ranking around 31st worldwide.
The robust performance of Taiwan’s economy is widely recognized. According to the International Finance Center of Korea, eight major global investment banks (IBs) have raised Taiwan’s 2024 GDP growth forecast to an average of 5.3%. Nomura recently upgraded its Q3 GDP growth projection from 3.0% to 7.6% year-on-year, citing a continued boom in semiconductor production and resilient high-tech manufacturing activity, despite sluggish domestic demand.
Meanwhile, Japan is expected to see its per capita GDP rise nearly 7%, from US$32,443 in 2023 to US$34,713 in 2024, but its global ranking will remain around 40th, the IMF said.
알파경제 Paul Lee 특파원(hoondork1977@alphabiz.co.kr)
