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S. Korea’s per-capita GDP Expected to Exceed US$40,000 in 2023

S. Korea’s per-capita GDP Expected to Exceed US$40,000 in 2023

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, [...]

South Korea 32nd out of 35 OECD Countries on Family Spending

South Korea 32nd out of 35 OECD Countries on Family Spending

SEOUL, Sept. 11 (Yonhap) — South Korea was one of the smallest investors in families among member states of the Organization for Economic Cooperation and Development (OECD) in 2013, a report showed Monday. The country allocated 1.13 percent of its gross domestic product (GDP) to family benefits spending, and therefore ranks 32nd among 35 OECD [...]

South Korean GDP to Decline by 2050

South Korean GDP to Decline by 2050

SEOUL, Sept. 11 (Korea Bizwire) – According to Simon Baptist, Chief Economist at the Economist Intelligence Unit, by 2050, South Korea, Canada and Italy may find themselves firmly entrenched outside the global GDP top-10 list. Baptist attributes this change partly to the projected rise of India, with its growing population and migration to urban areas [...]

Experts Divided On Whether 10-Day Holiday Period Will Increase Consumer Spending

Experts Divided On Whether 10-Day Holiday Period Will Increase Consumer Spending

SEOUL, Sept. 8 (Korea Bizwire) — The 10-day holiday starting late September will likely have mixed effects on South Korea’s economy struggling to cope with trade sanctions imposed by China over a missile row, growing protectionism from the United States and geopolitical risks caused by North Korea. The government designated October 2 as a one-off [...]