South Korea’s per capita gross national income (GNI) is likely to reach a record high of more than 24-thousand US dollars this year.
Sources in the financial community said that South Korea’s per capita GNI, which is the gross national income divided by the population, is expected to be 24-thousand-44 dollars this year, according to Korea’s (KBS WORLD) website.
The per capita GNI is expected to grow by a relatively wide margin this year on the back of an increase in the gross domestic product.
As the dollar fell from one-thousand-102 won last year to one-thousand-95 won this year, Korea’s GNI has increased in dollar terms.
South Korea’s population, which only grew 0.43% from last year to 50.22 million, also helped to increase the per capita GNI.
However, the per capita GNI is only an average and doesn’t mean that the incomes of all South Koreans have increased by the same amount.
South Korea’s per capita GNI exceeded 20-thousand dollars for the first time in 2007 at 21-thousand-632 dollars, but fell below that threshold during the global financial crisis between 2008 and 2009.