It is estimated that last year’s gross national income per capita (GNI), which shows the standard of living of Korean people, exceeded Italy, a member of seven major countries (G7).
Although Korea’s per capita national income has declined to as low as $30,000, Europe’s indicators that have been heavily impacted by Corona 19 are the result of further steps back.
According to the Bank of Korea, the nominal GNI per capita in Korea last year is estimated to be around $31,000, a slight decrease from $32,115 in 2019.
This is because not only the real growth rate fell to negative, but also the nominal growth rate fell to the low 0% level, and the won/dollar exchange rate also rose.
However, Korea’s per capita GNI ranking itself is expected to rise.
According to the results calculated by the World Bank (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 ($3,790) that year.
Considering that the Organization for Economic Co-operation and Development (OECD) projected the nominal growth rate of Italy last year to be -7.9%, significantly lower than Korea (0.1%), Italy’s per capita GNI is likely to be less than that of Korea.
President Moon Jae-in said in his New Year’s address yesterday (11th), “Our economy is expected to enter the top 10 in the world in terms of GDP with the highest growth rate among OECD countries last year.” “I can do it.”
Although the indicators have not yet been released, if these projections come true, it will be the first case in which Korea’s per capita GNI exceeds one of the leading developed countries (US, Japan, UK, France, Germany, Italy, Canada) called G7.
Italy’s per capita national income has so far surpassed Korea.
According to the World Bank, Korea’s per capita GNI in 2016 was $29,330, which was $2,600 less than Italy ($3,950). 3,840 dollars).
However, the gap between GNI per capita with Italy narrowed in 2019, and South Korea seems to have reversed last year.
Italy is a result of the Corona 19 hit more severely than export-oriented Korea due to the high proportion of service industries such as tourism in the economy.
Last year, Korea’s growth rate fell sharply in the second quarter as major developed countries’shutdown’, but exports showed signs of recovery in November (4.1%) and December (12.6%).
Korea’s economic scale is also expected to rise.
According to the International Monetary Fund’s (IMF) Global Economic Outlook Report, Korea’s GDP in 2020 is $1.58 trillion, which is the 10th in the world.
This is two places up from the 12th place in 2019.
Brazil and Russia, which were ahead of Korea in the previous year, are expected to finish in 12th and 11th respectively.