Korea's GDP per Capita to Lag Behind Taiwan by $10,000 by 2031: IMF Report
Korea's GDP per capita is projected to fall behind Taiwan's by over $10,000 by 2031, as per IMF forecasts. This widening gap highlights ongoing economic challenges for Korea amid Taiwan's strong growth driven by the semiconductor sector.
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The IMF forecasts Korea's GDP per capita to reach $40,695 by 2028, while Taiwan's is expected to exceed $50,000 by 2029. In 2023, Korea's GDP per capita is estimated at $37,412, with Taiwan's at $42,103, indicating a gap that will grow annually from $4,691 in 2026 to $10,082 by 2031.
Taiwan's economic growth is largely fueled by its semiconductor industry, projected to grow at an average of 7.1% this year. In contrast, Korea's growth remains stagnant, averaging around 1%. Additionally, Korea's national debt is rising rapidly, expected to exceed the average of other advanced economies by next year, complicating its economic outlook.
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