Taiwan to overtake Korea in per capita GDP in 2025: IMF

New Delhi [India], October 22 (ANI): South Korea's per capita gross domestic product (GDP) is projected to fall by three notches this year, according to a report released by the International Monetary Fund (IMF).
As per a report by Pulse, the english service of Maeil Business News Korea, the IMF noted in its World Economic Outlook report that Korea's per capita GDP is estimated at USD 35,962 for 2025, down 0.8 per cent from last year's USD 36,239.
Korea's ranking among the 197 countries included in the IMF's statistics is projected to slip from 34th last year to 37th this year.
The IMF also forecasted that Korea will reach the USD 40,000 threshold in per capita GDP in 2028, with an estimated USD 40,802, one year earlier than its April projection, which had anticipated crossing that mark in 2029, the BOK said.
However, Korea's global ranking is expected to continue declining - from 37th this year to 38th next year, 40th in 2028, and 41st in 2029.
The outlook contrasts sharply with Taiwan's upward trajectory.
The IMF expected Taiwan's per capita GDP to surge 11.1 per cent from USD 34,060 last year to USD 37,827 this year, lifting its global ranking from 38th to 35th.
By next year, Taiwan's per capita GDP is projected to reach USD 41,586, surpassing the USD 40,000 mark two years earlier than Korea, with its ranking climbing to 31st.
The IMF further noted that Taiwan will maintain its strong growth momentum, projecting its per capita GDP to surpass the USD 50,000 mark in 2030.
Korea's per capita GDP in 2030 is forecast to reach USD 44,262.
According to the Korea Center for International Finance (KCIF), the average forecast for Taiwan's real GDP growth among eight major global investment banks (IBs) stood at 5.3 per cent as of late September.
"The Taiwanese economy is growing at a faster pace in the third quarter than in the second quarter," said Nomura, which had offered the highest forecast of 6.2 per cent, in a recent report.
"We have further raised our forecast for the country's third-quarter GDP growth rate from 3 percent to 7.6 per cent year-on-year."
Although Taiwan's domestic demand and investment remain sluggish, Nomura added that its semiconductor production remains robust, sustaining the upward trend in technology-driven manufacturing.
As for Japan, the IMF projected its per capita GDP to increase nearly 7 per cent from USD 32,443 last year to USD 34,713 this year, though its global ranking is expected to be unchanged at 40th.
Japan is projected to surpass USD 40,000 in 2029 - one year later than Korea - but its global ranking is expected to stagnate, hovering around 40th through next year before slipping further to 42nd between 2027 and 2030.
The IMF estimated that Liechtenstein will top the world in per capita GDP this year, reaching USD 231,071, followed by Luxembourg (USD 146,818), Ireland (USD 129,132), Switzerland (USD 111,047), Iceland (USD 98,150), Singapore (USD 94,481), Norway (USD 91,884), the United States (USD 89,599), Denmark (USD 76,481), and Macau (USD 74,921). (ANI)

(This article was generated from news agency ANI without modifications to the text.)