South Korea is set to maintain its economic edge over Japan and Taiwan in per capita GDP this year. (Image courtesy of Yonhap)
SEOUL, Oct. 25 (Korea Bizwire) – South Korea is set to maintain its economic edge over Japan and Taiwan in per capita GDP this year, according to recent International Monetary Fund projections, with forecasts suggesting it will surpass the $40,000 milestone by 2027.
In its World Economic Outlook report released on October 22, the IMF projected South Korea’s per capita GDP to reach $36,132 in 2024, marking a 1.6% increase from last year’s $35,563, according to the Bank of Korea.
South Korea’s per capita GDP has shown resilience despite recent fluctuations. After dropping from $37,518 in 2021 to $34,822 in 2022, it rebounded in 2023, demonstrating the economy’s underlying strength.
In contrast, Japan’s per capita GDP is expected to decline by 3.1% to $32,859 this year from $33,899 in 2023, widening the gap with South Korea. Taiwan’s figure is projected to grow by 2.6% to $33,234 from $32,404, yet remaining below South Korea’s level.
A notable development this year is Taiwan surpassing Japan in per capita GDP. However, the gap between the three economies is expected to narrow somewhat in 2025, with South Korea’s per capita GDP projected to reach $37,675, maintaining leads of $2,064 and $2,751 over Japan and Taiwan, respectively.
Looking further ahead, the IMF forecasts South Korea to achieve a significant milestone in 2027, when its per capita GDP is expected to exceed $40,000 for the first time.
A Bank of Korea official attributed Japan’s relatively lower dollar-denominated per capita GDP to factors including the weak yen and the country’s prolonged low-growth trajectory.
M. H. Lee (mhlee@koreabizwire.com)
