October 25, 2024
SEOUL – South Korea’s gross domestic product per capita is projected to continue its lead over Japan and Taiwan in 2024, according to International Monetary Fund data.
In its “World Economic Outlook,” released on Monday, the IMF forecasted Korea’s GDP per capita to rise this year to $36,132, which would be an increase of 1.6 percent from last year’s $35,563.
The figure for Japan is expected to decline from last year by 3.1 percent to $32,859, while Taiwan is forecast to record a figure of $33,234, an increase of 2.6 percent from last year.
The weak outlook for Japan was affected by its weak currency and the country’s continued slow growth, a Bank of Korea official said to local media.
South Korea’s lead is expected to continue in 2025, though the gap will narrow.
However, when it comes to purchasing power, Taiwan is forecasted to far outpace South Korea and Japan, marking $79,031 this year.
Purchasing power is calculated by adjusting each country’s gross domestic product against the exchange rate and consumer prices, and, for South Korea and Japan, those figures are projected to be 62,920 and 53,059 dollars, respectively.