GNI per capita 'almost certain' to reach US$40,000 in 2026: finance ministry

South Korea is projected to achieve a gross national income (GNI) per capita of US$40,000 in 2026, according to the country's finance ministry. This milestone comes as Asia's fourth-largest economy experienced a 1% growth in the third quarter, propelled by robust exports and investment. The Ministry of Finance and Economy reached this conclusion based on early third-quarter data from the Bank of Korea, signifying a significant increase in the population's purchasing power. The nation had previously surpassed the $30,000 per capita GNI threshold in 2014.

South Korea's economic growth remains solid, despite a strong base effect from the first half of the year, potentially moving towards a mid-3% range this year, as stated by Finance Minister Lee Hyoung-il. He anticipated South Korea's economic growth for 2026 to range between 3.4% and 3.6%. The finance ministry also highlighted that the GNI per capita is almost certain to reach the $40,000 mark for the first time in history.

While South Korea's strong growth is evident, the finance ministry noted the country faces structural challenges, including growing livelihood-related issues and disparities across different regions. To ensure the benefits of economic growth are distributed effectively, the government aims to address these livelihood concerns and reduce disparities, so the advantages can be felt in people's daily lives.