SEOUL, Oct. 25 (Korea Bizwire) — South Korea’s per-capita gross domestic product (GDP) is on track to surpass US$30,000 this year and expected to exceed $40,000 in 2023, a parliamentary report showed Thursday.
According to the report by the National Assembly Budget Office (NABO), South Korea’s per-capital GDP is expected to reach $31,862 this year, up about 7 percent from a year ago.
If the number is reached, South Korea will follow Japan and Australia in achieving the milestone in Asia and become the ninth to do so among members of the Organization for Economic Cooperation and Development.
The forecast is based on an assumption that South Korea’s nominal GDP will reach 3.7 percent this year and the won will average 1,091 won to the U.S. dollar.
Meanwhile, the NABO forecast South Korea’s economy to grow 2.7 percent this year.
The nation’s economy grew at a slower-than-expected pace in the third quarter on sluggish facility investment, according to the Bank of Korea.
GDP expanded 0.6 percent in the July-September period. From a year earlier, the local economy grew 2 percent in the third quarter.