[서울신문] Income per capita barely kept 30,000佛… I overtake yourself? Carbonie’Park Bing’

In the aftermath of the coronavirus recession and exchange rate rise, etc.
Last year’s national income of 31,755 yen… 2nd year retreat
Contrary to the government’s’G7 overtaking’ expectations, similar levels

Growth rate -1.0%… First negative growth after the financial crisis

Last year, Korea’s gross national income (GNI) per capita fell to 31,755 dollars. It is a decline for the second year in a row. In the aftermath of Corona 19, the economic downturn and the rise of the won-dollar exchange rate have affected. Last year, Korea’s economic growth rate was -1.0%, recording negative growth for the first time in 22 years after the financial crisis in 1998.

According to statistics released by the Bank of Korea on the 4th of the 4th quarter of 2020 and annual national income (provisional), Korea’s GNI per capita last year was 31,755 dollars, down 1.1% from the previous year (32,115 dollars). GNI per capita declined for the second consecutive year, the first in 11 years since 2008-2009, after the global financial crisis, and the third time after the 1997-1998 foreign exchange crisis.

GNI per capita is an indicator of the average standard of living of the people. Korea has been keeping it for 4 years since it first entered the ‘30,000 dollar era’ of national income at $31,734 in 2017. It is an analysis that the decline continued last year due to the Corona 19 hit and the increase in the won-dollar exchange rate. In terms of won, it was 3,7473,000 won, an increase of 0.1% from the previous year.

Recently, the Blue House and the government predicted that last year’s per capita GNI will surpass the seven major countries (G7) for the first time in history, but it has been shown that the situation is not in a situation where you can actually’overtake’. Shin Seung-cheol, head of the Bank of Korea National Accounts, said, “I know that Italy recently announced the GNI per capita last year, but it is difficult to compare directly with us because it is based on the euro. I have to compare.” The GNI per capita last year, announced by Italy on the 1st, was 27,839.8 euros. This is a 7% decrease from the previous year, and the rate of decrease is higher than that of Korea (-1.1%). According to the BOK’s economic statistics system, the annual average dollar-euro exchange rate ($1.14190) last year is calculated as $31,790. It is a little more than $31,755 in Korea. However, an official from the BOK said, “It is difficult to say that it is ahead of Italy now because we do not know which exchange rate to apply in the process of comparison.”

Last year’s economic growth rate was -1.0%, the same as the breaking news released in January by the BOK. It is a negative growth in 22 years since -5.1% at the time of the 1998 financial crisis. In the aftermath of Corona 19, private consumption fell and exports were sluggish, as the main factors. In the aftermath of reinforcing social distancing, private consumption last year decreased by 4.9% compared to the previous year. It is the lowest level since 1998 (-11.9%). Exports also decreased by 2.5%, the lowest since 1989 (-3.7%). Income also decreased by 3.8%. The annual growth contribution was -2.0% for the private sector and 1.0% for the government, which was a government-led growth.

The growth rate in the fourth quarter of last year was 1.2% compared to the previous quarter, up 0.1 percentage points from the breaking level, but the annual growth rate was not affected.

Reporter Kim Hee-ri [email protected]