Beating Japan Again This Year... IMF "South Korea's Per Capita Income $36,000"

The International Monetary Fund (IMF) has projected that South Korea's per capita national income will exceed $36,000 this year. It is expected to be higher than that of Japan and Taiwan again this year, following last year.

According to the Bank of Korea and others on the 24th, the IMF forecasted South Korea's per capita GDP for this year at $36,132 in its 'World Economic Outlook' report released on the 22nd. This represents a 1.6% increase from last year's $35,563.

Japan's estimated per capita GDP for this year is $32,859, a 3.1% decrease from last year's $33,899. Taiwan's per capita GDP is estimated to rise 2.6% from $32,404 last year to $33,234 this year. Both countries have lower estimates than South Korea.

The IMF projected South Korea's per capita GDP to be $37,675 next year. It also expects South Korea to surpass a per capita GDP of $40,000 for the first time in 2027.

However, based on purchasing power parity (PPP) adjusted for price levels this year, Taiwan's per capita GDP ($79,031) was significantly higher than South Korea's ($62,960). Japan ($53,059) had the lowest among the three countries.

Meanwhile, the IMF forecasted South Korea's economic growth rate at 2.5% this year and 2.2% next year. Japan is expected to grow by 0.3% and 1.1%, and Taiwan by 3.7% and 2.7%, respectively.