Monday, September 6, 2010

Korea's per capita GDP to surpass $20,000 in 2010

Korea's per capita gross domestic product (GDP) this year is expected to surpass $20,000 for the first time in three years, the International Monetary Fund (IMF) reported Monday.
The country's per capita GDP will reach $20,566, fueled by economic growth that may top 6.1 percent this year, up from $17,071 tallied last year when the economy posted gains of merely 0.2 percent, the report said.
The per capita GDP reached $21,651 in 2007, but contracted in the wake of the global economic downturn that began in 2008.
The IMF also said that while economic growth may dip to 4.5 percent in 2011, Korea's per capita GDP will reach $22,173, and increase to $28,486 in 2015.
It said Korean consumer prices will likely grow 3.1 percent on-year this year, with its nominal GDP to amount to 1,154 trillion won ($985.4 billion) from 1,063 trillion won a year ago.

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