[뉴스워치] Gross national income per capita (hereinafter referred to as GNI), which means the standard of living of Korean people last year, is predicted to surpass Italy, a member of the seven major countries (G7), attracting attention.
Korea’s per capita national income decreased slightly to the low of $30,000, but Europe’s indicators, which had been hit hard by the novel coronavirus infection (Corona 19), are even worse.
In a New Year’s address released by President Moon Jae-in on the previous day (11th), “Korean economy has the highest growth rate among OECD countries last year, and it is highly likely to enter the top 10 in the world in terms of GDP.” It is expected,” he said.
Accordingly, there is a high possibility that the GNI per capita ranking in Korea will be raised.
Looking at the results calculated by the World Bank (hereinafter referred to as WB) using the average exchange rate over the previous three years, Italy’s per capita GNI in 2019 was $34,530, slightly ahead of Korea ($37,90) in the same year.
Considering the fact that the Organization for Economic Cooperation and Development (OECD) predicted that Italy’s nominal growth rate last year was -7.9%, which was much lower than that of Korea (0.1%), it is analyzed that Italy’s per capita GNI is likely to be lower than that of Korea.
The exact indicators have not yet been released, but if these predictions are correct, Korea’s per capita GNI is the first to beat a major developed country called G7 (US, Japan, UK, France, Germany, Italy, Canada).
Until now, Italy’s per capita national income has always surpassed Korea.
According to the World Bank, the GNI per capita in Korea in 2016 was $29,330.
It was about $2600 less than Italy ($31,950), and in 2018, Korea was $32,730, behind Italy ($3,840) by $1110.
However, the per capita GNI gap with Italy narrowed significantly in 2019, and Korea seems to have reversed last year.
As Italy has a high proportion of service industries such as tourism in the economy, Corona 19 shock is more severe than export-oriented Korea.
Last year, Korea’s growth rate plummeted in the second quarter as major advanced countries implemented inter-state blockade (shutdown) policies, but exports showed a trend toward recovery in November (4.1%) and December (12.6%).
In addition, the ranking of Korea’s economy is expected to grow slightly.
According to the’World Economic Outlook Report’ released by the International Monetary Fund (IMF), Korea’s GDP (Gross Domestic Product) in 2020 is expected to be $1.586.8 billion, the 10th level in the world. This is two places higher than the 12th place in 2019. On the other hand, Brazil and Russia, which were ahead of Korea, are expected to be only 12th and 11th, respectively.
Reporter Kim Joo-kyung newswatch@