[단독] $35,000… From Hankyung, the highest per capita income ever projected

This year, Korea’s per capita gross national income (GNI) is expected to reach around $35,000, a record high. Although there is an aspect that the growth rate has rebounded strongly this year, it is analyzed that it is more affected by the rise in prices and the strong won.

According to the Bank of Korea and financial circles on the 5th, it is estimated that Korea’s per capita income will be around $35,000 this year. It is expected to increase by 3,119 dollars (an increase of 9.8%) compared to last year (31,881 dollars).

GNI per capita reached a record high of $33,564 in 2018, but showed a decline for the second year in a row.

The fact that per capita income this year is rising again to the highest level in three years is the result of an increase in all three indicators compared to last year: economic growth rate (in real terms), inflation (consumer price inflation, etc.), and the value of the won.

The BOK estimates real growth this year at 4%. It jumped significantly compared to last year, which recorded a negative growth rate (-0.9%) due to the impact of COVID-19. The consumer price inflation rate stood at 2.3% until November this year, and it is likely to be recorded at more than 2.4% on an annual basis.

The value of the won against the US dollar rose 3.4% from January 1 to December 3 this year (the won-dollar exchange rate fell).

By Kim Ik-hwan, staff reporter lovepen@hankyung.com

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