​​​
  1. Big jump for South Korea: Goldman Sachs sees country passing $30,000 income milestone in 2018

Big jump for South Korea: Goldman Sachs sees country passing $30,000 income milestone in 2018

South Korea is poised to achieve its long-held goal of surpassing annual per capita income of $30,000, a level regarded as marking the ascension to a developed economy.

By: | Published: December 5, 2017 3:51 PM
south korea, south korea president, south korea time, south korea news, south korea population, south korea flag, south korea tourism, south korean currency, south korea map, south korea wiki, south korea GDP That’s according to Goldman Sachs Group Inc., which forecasts that South Korea will pass the threshold next year, as economic growth tops 3 percent and the won steadily appreciates. (Reuters)

South Korea is poised to achieve its long-held goal of surpassing annual per capita income of $30,000, a level regarded as marking the ascension to a developed economy. That’s according to Goldman Sachs Group Inc., which forecasts that South Korea will pass the threshold next year, as economic growth tops 3 percent and the won steadily appreciates. Accelerating global growth, an extension of the business investment cycle and a pickup in domestic consumption should fuel a robust expansion in South Korea next year, with the Bank of Korea benchmark rate reaching 2 percent by year-end, Goldman Sachs economists Kwon Goohoon and Irene Choi wrote in a report. Surpassing $30,000 in per capita income would mark the latest milestone in South Korea’s rapid economic development. Its per capita income first exceeded $10,000 in 1994 and topped $20,000 in 2006. Last year it was $27,561. Former presidents Park Geun-hye and Lee Myung-bak had both pledged to achieve the growth needed to push the country past $30,000.

Korea would become only the ninth country in the Group of 20 nations to break through the threshold, surpassing Spain and breaking out of the $20,000-$30,000 range more quickly than Italy and Canada, the Goldman economists wrote.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Go to Top