Per capita GDP this year is projected to reach USD 39,164 per the Ministry of Finance and Economy, Bank of Korea and Ministry of Data and Statistics. (Yonhap News)

By Kang Gahui

Per capita gross domestic product (GDP) is poised to reach the brink of USD 40,000 thanks to its largest increase in five years.

The Ministry of Finance and Economy, Bank of Korea and Ministry of Data and Statistics on July 19 said the projected average income for all of 2026 is USD 39,164.

This is a 7.6% jump (USD 2,750) from last year's figure and the highest growth since 2021.

The government forecast for this year's nominal GDP growth was raised to 12.3% thanks to strong exports driven by the semiconductor boom. If the foreign exchange rate maintains its present level, per capita GDP is expected to break USD 40,000 next year for the first time.

Nominal GDP this year is expected to reach KRW 3,000 trillion and exceed 2 trillion in USD terms, both milestones for the first time.

The Lee administration recently announced its 3-4-5 Vision of the following mid- to long-term goals: potential growth rate of 3%, entering the ranks of the world's top four exporters and per capita income of USD 50,000.

Deputy Minister of Finance and Economy Kang Ki-ryong told a briefing, "If current trends are maintained and policy efforts are boosted, we have a high probability of achieving the export target and per capita income of USD 50,000 by 2030, within the term of the Lee administration, and will thus work toward achieving both."