IMF: South Korea’s Per Capita GDP Overtaken by Taiwan, Drops to 37th This Year

Taiwan Rises from 38th to 35th as South Korea Drops Three Spots
South Korea to Fall Further Next Year, Widening Gap with Taiwan at 31st

The International Monetary Fund (IMF) has projected that South Korea's per capita Gross Domestic Product (GDP) ranking will drop by three spots from 34th in the world last year to 37th this year. In contrast, Taiwan is expected to rise from 38th to 35th place, overtaking South Korea for the first time in 22 years.

According to the Bank of Korea and other sources on October 20, the IMF estimated in its "World Economic Outlook" report released on October 15 that South Korea's per capita GDP this year will be $35,962. This represents a 0.8% decrease from last year’s figure of $36,239.

As a result, among the 197 countries included in the IMF statistics, South Korea’s per capita GDP ranking is expected to fall from 34th last year to 37th this year.

The IMF forecasts that South Korea’s ranking will drop further to 38th next year, 40th in 2028, and 41st in 2029. However, the IMF also predicted that South Korea would reach a per capita GDP of $40,802 in 2028, ushering in the "era of $40,000 per capita GDP" one year earlier than projected in April this year.

In contrast, Taiwan’s situation is the opposite. The IMF expects Taiwan’s per capita GDP to increase by 11.1%, from $34,060 last year to $37,827 this year. Taiwan’s global ranking is also projected to jump three spots from 38th to 35th, overtaking South Korea.

The gap between the two countries is expected to widen next year. The IMF projects that Taiwan will surpass the $40,000 mark in per capita GDP in 2026, reaching $41,586-two years earlier than South Korea. As a result, Taiwan is expected to climb to 31st place globally, while South Korea is projected to fall to 38th, widening the gap between the two. Taiwan is expected to maintain its rapid growth, reaching $50,252 in per capita GDP in 2030 and surpassing the $50,000 threshold. In the same year, South Korea’s per capita GDP is forecast to be only $44,262.

As for Japan, its per capita GDP is expected to reach $34,713 this year, an increase of about 7% from last year. However, its global ranking is projected to remain at 40th place. The IMF predicts that Japan will surpass the $40,000 mark in 2029 with a per capita GDP of $41,020, but this will be one year later than South Korea, and its ranking is expected to fall to 42nd place.

Meanwhile, Liechtenstein is projected to have the world’s highest per capita GDP this year at $231,071. It is followed by Luxembourg ($146,818), Ireland ($129,132), Switzerland ($111,047), Iceland ($98,150), Singapore ($94,481), Norway ($91,884), the United States ($89,599), Denmark ($76,481), and Macau ($74,921), all ranking in the top ten.