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The World Financial institution introduced on Oct. 16 that South Korea’s nominal GNI per capita was US$34,980 in 2021, when that of Italy was US$37,510. For reference, in 2020, South Korea (US$32,930) topped Italy (US$32,380) to outdo a G7 state for the primary time ever.
In 2020, Italy’s financial development fee was damaging 8.9 p.c amid COVID-19. In 2021, nevertheless, the speed jumped to six.7 p.c. The South Korean financial system confirmed a slower restoration by posting damaging 0.7 p.c and 4.1 p.c.
Italy’s nominal GNI per capita is prone to be increased than South Korea’s this 12 months as properly. That is primarily as a result of the worth of the South Korean forex has dropped in relation to rate of interest hikes and the worldwide semiconductor business, a type of through which South Korea significantly excels, is slowing down quickly.
As well as, Taiwan is prone to outperform South Korea this 12 months. The IMF lately estimated South Korea’s and Taiwan’s GDPs per capita at US$34,767 and US$36,834, respectively. The GNI is the sum of the GDP and objects equivalent to abroad labor revenue, dividend, and so on. Taiwan’s GNI is predicted to exceed South Korea’s for the primary time since 2003.
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