Per capita GNI, likelihood of surpassing $40,000 this year rises
The likelihood of per capita gross national income surpassing $40,000 is rising, with nominal GDP and GNI surging in the second quarter A change driven by semiconductor exports and a strong stock market—see Korea's economy set a new record
According to an announcement by the Bank of Korea, as nominal gross domestic product and gross national income rose sharply in the second quarter of this year, the likelihood that South Korea's per capita gross national income will exceed $40,000 has become very high.
Nominal GDP in the second quarter increased 26.4% from a year earlier, driven by strong semiconductor exports and a bullish stock market, and nominal GNI also rose 26.4% over the same period. The upward trend has continued on a firsthalf basis as well, and annual per capita GNI is now projected to surpass $40,000.
South Korea first exceeded $30,000 in 2014 and then remained at that level for nearly 12 years. If it surpasses $40,000 this year, it will join the ranks of countries with per capita incomes of $40,000 among nations with populations of 50 million or more.