South Korea's gross national income (GNI) per capita rebounded in 2023, reaching over $33,000 and marking a 2.6% rise compared to the previous year. The GNI per capita stood at $33,745, a 2.6% increase from $32,886 in 2022. This rebound comes as South Korea's nominal gross domestic product (GDP) grew by 2.4% to $1.71 trillion in 2023, supported by a relatively stable currency. With this rebound, South Korea's GNI per capita surpassed that of Taiwan, which had overtaken South Korea in 2022 for the first time in 20 years. However, South Korea's GNI per capita has remained in the $30,000 range for seven consecutive years, still unable to reach the $40,000 range. The central bank projects a steady increase in South Korea's GNI per capita, barring any significant currency exchange rate fluctuations or external events like COVID-19. South Korea's real GDP increased by 1.4% in 2023, matching earlier estimates. However, compared to the 2.6% growth in 2022 and 4.3% growth in 2021, the 1.4% expansion indicates a relatively slow economy in 2023. In the last quarter of 2023, South Korea's economy grew by 0.6% compared to the previous quarter. Exports increased by 3.5%, while imports advanced by 1.4% during the same period. Construction investment declined by 4.5%, while infrastructure investment rose by 3.3%. South Korea's GDP deflator rose by 2.1% compared to the previous year. [f9610025] [aa567dd9]
In 2023, South Korea’s gross domestic product (GDP) ranked 14th in the world, down from 13th the previous year. South Korea's nominal GDP reached US$1,712.8 billion in 2023, up 2.3 percent from the previous year. This marked the first time South Korea's GDP ranking stood at 14th place since 2012. Mexico overtook South Korea in terms of economic size, with a nominal GDP of US$1,788.9 billion in 2023. South Korea's real GDP expanded just 1.4 percent in 2023, falling short of the country's potential growth rate of 2 percent. Experts attribute the decline in South Korea's GDP ranking to delays in structural reforms and the rise of Mexico as a manufacturing hub due to investment from major countries like China. [34ceb4f5]
Meanwhile, in Africa, South Sudan has topped the list of the poorest countries in 2024, with a GDP-PPP per capita of $455. Burundi is also among the poorest globally with a GDP-PPP per capita of $121,599. Other poorest countries in Africa include Central African Republic, Democratic Republic of the Congo, Mozambique, Niger, and Malawi. The World Bank estimated that over 198 million people could have fallen into poverty between the start of COVID-19 and the end of 2022. The percentage of people living in extreme poverty worldwide dropped from over 35% in 1990 to less than 10% before the pandemic. South Africa is ranked as the wealthiest country in Africa, followed by Egypt, Kenya, and Morocco. Kenya's dollar millionaires dropped from 8,500 in 2021 to 7,700 in 2022. [ab5e0358]
According to the World Population Review, the poorest countries in Asia in 2024 are Afghanistan, North Korea, Nepal, Tajikistan, Yemen, Kyrgyzstan, and Cambodia. Afghanistan has a GDP per capita of only US$508, while North Korea's GDP per capita is US$642. Nepal has a per capita income of 1,155 US dollars, Tajikistan has a stagnating economy due to lack of infrastructure and civil war, Yemen's per capita income is only US$824, Kyrgyzstan has a GDP per capita of around 1,173 US dollars, and Cambodia's GDP per capita is reported at 1,700 US dollars. These countries face various challenges such as armed conflict, government corruption, income inequality, political instability, and lack of industry. Despite recent economic achievements, Cambodia, as an ASEAN member, continues to fight against poverty and lacks infrastructure development. The information is based on the World Population Review data. [dc808bf1]