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Korea’s per capita gross nationwide revenue (GNI) surpassed US$35,000 in 2021 for the primary time.
The Financial institution of Korea stated on March 3 that Korea’s per capita GNI stood at US$35,168 (4,247,000 gained) in 2021, up 10.3 % on a greenback foundation from 2020. The determine posted constructive development in three years after recording unfavorable development in 2019 (-4.0 %) and 2020 (-1.0 %).
The excessive per capita GNI development fee was attributable to the growth of the worldwide economic system amid a world low-interest fee pattern following the outbreak of COVID-19. Korea surpassed Italy in per capita GNI for the primary time in 2020.
The Korean gained’s appreciation in 2021 additionally helped drive the revenue development. In keeping with the Financial institution of Korea, Korea’s per capita GNI expanded 7.0 % by way of the Korean gained however 10.3 % in U.S. {dollars} phrases. In 2021, the Korean gained was appreciated by about 3 %. If the worth of the U.S. greenback rises beneath a tightening coverage this 12 months, downward strain could also be mounted on Korea’s per capita GNI development.
“Financial development, inflation and alternate charges contributed to the expansion of Korea’s per capita GNI,” stated Choi Jung-tae, head of the Financial institution of Korea’s Nationwide Account Division. “I believe financial development contributed US$1,272, inflation US$762, and a drop within the alternate fee US$1,061.”
A inhabitants drop is one other issue to be thought-about in assessing the dimensions of financial development. In 2021, Korea’s GNI grew 3.5 %, decrease than the GDP development fee of 4 %, as precise commerce losses expanded as a result of worsening commerce situations. Though Korea’s GNI per capita confirmed excessive development, it was due partly to a lower within the variety of individuals.
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