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South Korea’s nominal GDP per capita to surpass Japan’s in 2027

By Lee Yun-ji | 기사입력 2022/01/13 [15:15]

South Korea’s nominal GDP per capita to surpass Japan’s in 2027

By Lee Yun-ji | 입력 : 2022/01/13 [15:15]

Source: Japan Center for Economic Research



The Nikkei (Nihon Keizai Shinbun) in Japan quoted the Japan Economic Research Center as reporting on December 16th that South Korea’s nominal gross domestic product (GDP) per capita is expected to surpass that of Japan in 2027. According to the report, Japan’s nominal GDP per capita in 2020 was $39,890, 25% higher than that of South Korea ($31,954) and 42% higher than Taiwan ($28,054). However, the International Monetary Fund (IMF) expects that a nominal GDP per capita will grow by only 2.0% per year in Japan, compared to 6.0% in South Korea and 8.4% in Taiwan by 2025. Accordingly, Japan’s per capita GDP will be overtaken by South Korea in 2027 and Taiwan in 2028. In addition, the nominal GDP per capita with inflation reflected at that point in time is expected to grow by only 2.0% per year in Japan, compared to 6.0% in South Korea until 2025.

 

The Japan Economic Research Center predicted that the success or failure of digitalization, including administration, would greatly affect labor productivity. In this regard, the Nikkei pointed out that the South Korea introduced the resident registration number system in the 1960s, which the Japanese government is currently considering to implement. The Japan Economic Research Center analyzes that the Japanese economy could suffer constant negative growth in the 2030s if digitalization is not upgraded and utilized. The analog status of business-to-business transactions such as stamp seal and signature is still prominent. 

 

The Nikkei pointed out again that South Korea and Taiwan have been overhauling the electronic environment for handling civil complaints from government offices, but Japan still has an analog status of business-to-business transactions such as stamping and signing. 

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