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

South Korea is on track to achieve a gross national income (GNI) per capita of US$40,000 in 2026, according to the finance ministry. The country's economy grew by 1 percent in the third quarter of 2023, buoyed by robust exports and investment, particularly in semiconductor equipment. This growth, while solid, came with high expectations given the strong performance in the first half of the year, potentially pushing the GNI per capita into a mid-3 percent growth range for 2026.

Finance Minister Lee Hyoung-il projected that South Korea's economic growth for the year could range between 3.4 percent and 3.6 percent.

Despite this promising growth, the finance ministry highlighted ongoing structural challenges, including increasing livelihood-related issues and disparities across different regions. The government aims to address these concerns to ensure the benefits of economic growth are equitably distributed and felt by the general population.

Finance Minister Lee emphasized that the achievement of the US$40,000 GNI per capita milestone is imminent and that the government will continue to pursue inclusive growth, focusing on job creation, income enhancement, and consumption-driven growth to create a virtuous cycle of economic development.