By Yoon Sojung

Gross national income (GNI) per capita last year is predicted to surpass that of Group of 7 member economy Italy. 

This is because Italy's figure plummeted after its economy was badly affected by COVID-19. Korea's GNI per capita last year is projected to slightly exceed USD 30,000.

The Bank of Korea on Jan. 12 said the country's GNI per capita will reach an estimated USD 31,000.

According to World Bank data based on average exchange rates over the last three years, Italy's GNI per capita in 2019 was USD 34,530, slightly higher than Korea's USD 33,790.

The Organisation for Economic Co-operation and Development (OECD) forecast Italy's economic growth last year at minus 7.9%, far lower than Korea's 0.1%, thus Korea's GNI per capita could surpass Italy's.

In October last year, the International Monetary Fund (IMF) in its World Economic Outlook Reports said the Korean economy in 2020 would contract 1.9% while Italy's would fall 10.6%.

President Moon Jae-in on Jan. 11 said in his New Year’s address that with the highest growth rate among OECD member states last year, the Korean economy will rank among the world's top ten in GDP.

The nation's per capita income is anticipated to surpass that of a G7 member state for the first time in history, he added.

The Korean economy is also likely to break into the world's top ten for GDP. The IMF predicted that Korea last year outperformed Russia and Brazil to become the world's tenth-largest economy, with GDP of USD 1.58 trillion.

arete@korea.kr