Korea GDP per Capita: Overview and Outlook
Current GDP per Capita
The Republic of Korea (South Korea) has a current GDP per capita of close to USD 36,000, highlighting its status as a high-income economy.
Historical Changes in South Korea's GDP per Capita
Strong real GDP growth in past decades has helped nominal GDP per capita (measured in U.S. dollar terms) to more than triple since the turn of the century.
South Korea recovered swiftly from the 1997 Asian Financial Crisis and entered the 21st century on a strong growth path. Its economy, dominated by large family-owned conglomerates known as chaebol, became a global leader in electronics, shipbuilding, and automotive manufacturing. The country navigated the 2008 Global Financial Crisis with relative success. However, as a deeply export-dependent economy, its growth in the 2010s became more volatile, subject to the ups and downs of global trade and, in particular, the demand cycle for its most important product: semiconductors.
GDP per Capita Predictions for the Coming Years
South Korea should experience a strong, sustained rise in GDP per capita in the coming years. Though real GDP growth is forecast to be slower than so far this century, the won is likely to gain ground vs the dollar as the Fed cuts rates, which will benefit dollar-denominated per capita income.
Want to get concrete forecasts for South Korea's GDP per capita for the coming years? FocusEconomics collects GDP per capita projections out to 2035 from a panel of 10 analysts at the leading national, regional and global forecast institutions. To get in touch with our team for more information, fill in the form here.
Key Factors to Watch
The long-term forecast for South Korea is dependent on the global technology cycle. Demand for the country's tech exports is currently high, driven by the massive computing power required for the artificial intelligence (AI) revolution. However, such demand could drop off if future innovations make AI processes far more efficient, thus requiring less computing power. Moreover, China is likely to emerge as a serious competitor for high-tech exports, which could dampen South Korea's GDP growth.
Tackling the world's lowest birth rate and the severe long-term demographic problems it portends is a key challenge for the government. Fertility rates are likely to remain exceedingly low, though if pro-natal policies do unexpectedly bear fruit this would boost the economy.
Korea GDP Per Capita Chart
Note: This chart displays GDP per capita (USD) for Korea from 2023 to 2024.
Source: Macrobond.
Korea GDP Per Capita Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| GDP per capita (USD) | 33,663 | 37,488 | 34,813 | 35,649 | 36,251 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Korean GDP Per Capita projections for the next ten years from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP Per Capita forecast available for Korean GDP Per Capita.
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