S. Korea Per Capita GNI Nears $30,000

Expectations are growing that Korea’s gross national income per capita will reach the level of $30,000, regarded as the threshold to enter the group of truly advanced economies, for the first time this year, Yonhap reported. Asia’s fourth-largest economy has failed to achieve the landmark figure for more than a decade since its per capita GNI first surpassed $20,000 in 2006. Local economic research institutes estimate the country’s per capita GNI to be somewhere between $29,500 and $29,800 in 2017, on the assumption that its economy grows 3% and the won-dollar exchange rate averages 1,130 won per dollar. There is the possibility that Korea will reach the elusive target this year, if its annual growth rate is a little higher and the value of its currency further rises against the dollar in the remaining days of the year. With per capita GNI above $30,000, an economy can be seen as fully sophisticated with advanced manufacturing technology and a competitive service sector.