South Korea's per-capita GNI to reach $28,000 in 2014: think tank

By Park Sae-jin Posted : December 29, 2014, 16:24 Updated : December 29, 2014, 16:24

 

South Korea's per-capita gross national income (GNI) is estimated to reach US$28,000 (29.5 million won) this year, largely thanks to the won's depreciation against the U.S. dollar, a private think tank said on Monday.

The figure represents an increase of about 6.8 percent or $1,800 from $26,205 tallied last year. according to the Hyundai Research Institute affiliated with Hyundai Group.

The estimate is based on projections that the nation's economy would grow 3.6 percent and GDP deflator would increase 1.3 percent this year, and on annual average of foreign exchange rate of 1,052 won per dollar during the Jan. 2-Dec. 24 period, compared with 1,095 won a year earlier.

"The GNI has risen by about 2,000 U.S. dollars in recent years. It would increase by 1,800 dollars year-on-year this year, largely helped by the won's depreciation against the greenback," said Joo Won, senior researcher at the institute.

The nation's per-capita GNI fell below the $20,000 level during the global financial crisis in 2008-2009, but it surpassed the $20,000 mark again in 2010. The GNI amounted to $22,170 per head in 2010.  

The International Monetary Fund (IMF) forecast in a recent report that South Korea's per-capita gross domestic product (GDP) would reach $28,738 this year, a figure that ranked 25th among those of member nations of the Organization for Economic Cooperation and Development (OECD).
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