S. Korea's per-capita GDP to top US$20,000 in 2012: IMF

SEOUL, Oct. 20 (Yonhap) -- South Korea's per-capita gross domestic product (GDP)
will likely surpass US$20,000 in 2012, making a steady rebound after a plunge
caused by the global economic downturn last year, a report showed Tuesday.
According to the report by the International Monetary Fund (IMF), the nation's
per-capita GDP -- or the total value of goods and services divided by its
population -- is expected to stand at $16,450 this year but recover to $17,547
and $18,988 in 2010 and 2011 before rising further to $20,549 in 2012.
This would mean the return of South Korea's per-capita GDP to the $20,000 mark
after five years. After topping $20,000 in 2007, the figure dipped below that
level last year due to slowing economic growth and a plunge in the value of the
local currency.
The forecast seems to be based on a strong local currency and improving economic
conditions at home and abroad. Several months ago, the IMF predicted that South
Korea would not see its per-capita GDP return to the $20,000-level until 2014.
Buffeted by a global slowdown, South Korea's economy plunged 5.1 percent in the
final quarter of last year but managed to avert a technical recession by growing
0.1 percent and 2.6 percent in the first and second quarters of this year,
respectively.
Saying that active and swift stimulus measures will help ease a steep economic
downturn, the government revised upward its growth outlook for this year to
negative 1.5 percent from its earlier projection of negative 2 percent. South
Korea's economy is forecast to expand 4 percent in 2010.
The Korean won has appreciated 7.6 percent against the U.S. dollar so far this
year after falling 25.7 percent last year.
kokobj@yna.co.kr
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