South Korea per‑capita GDP poised to exceed $40,000 as semiconductor boom lifts economy

South Korea's per‑capita gross domestic product (GDP) is forecast at $39,164 for 2024, a 7.6% rise from the previous year and the largest increase in five years. The gain is driven by strong semiconductor export growth and a projected real growth rate of 12.3% for the year. If the average won‑dollar exchange rate falls below 1,456 won per US dollar, the per‑capita figure could surpass the $40,000 milestone for the first time. The government also expects the per‑capita GDP to reach $40,102 in 2025 under a 4.6% growth outlook.

Taiwan, also benefiting from the global semiconductor surge, is projected to achieve a per‑capita GDP of $45,610 in 2024, widening the income gap with South Korea. Both economies are expected to see their total GDP surpass historic thresholds: South Korea's nominal GDP could exceed 3 trillion won (about $2 trillion) and the dollar‑denominated GDP could break $2 trillion for the first time.

The forecasts align with IMF estimates that placed South Korea’s 2024 per‑capita GDP at $37,412 and Taiwan’s at $42,103, indicating a larger divergence than previously anticipated.