think tanks

think tanks

Korea′s GDP per capita may drop for first time since 2009 올해 1인당 GDP, 금융위기 이후

3d ago
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Korea′s GDP per capita may drop for the first time in six years, due to slow economic growth and the weakening local currency. The Seoul-based LG Economic Research Institute forecasts the figure will dip to 27-thousand-600 U.S. dollars this year, down from last year′s 28-thousand-100 dollars. This severely dampens the government′s hopes of reaching a per capita GDP of more than 30-thousand dollars this year. The latest figure takes into account the two-point-six percent economic growth projection, the strong dollar against the Korean won and a slight rise in the price of goods. Experts from other local think tanks also attribute the weakening consumer sentiment to last year′s Sewol-ho ferry sinking and the recent MERS outbreak. They say the economy requires structural reforms and must find new growth engines within the domestic market.