FacebookInstagramTwitterContact

 

Brunei Youth League U15           >>           Pantai Mentiri Amateur Open Golf Club Championship           >>           Reverse Heart Disease Through DIETARY CHOICES: Here’s Where To Start           >>           How Curcumin Could Revolutionize BOWEL CANCER PREVENTION           >>           Brunei Youth League U18           >>           Temporary Half Lane Closure           >>           Kate Hudson Shares Glimpse Into Family Vacation With Kids Bingham And Rani           >>           Missing           >>           Perbadanan TAIB receive Two Prestigious Awards           >>           Bay FC's Racheal Kundananji Says Zambia Are Going To Shake Up Women's AFCON Hierarchy           >>          

 

SHARE THIS ARTICLE




REACH US


GENERAL INQUIRY

[email protected]

 

ADVERTISING

[email protected]

 

PRESS RELEASE

[email protected]

 

HOTLINE

+673 222-0178 [Office Hour]

+673 223-6740 [Fax]

 



Upcoming Events





Prayer Times


The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


Imsak

: 04:34 AM

Subuh

: 04:44 AM

Syuruk

: 06:09 AM

Doha

: 06:33 AM

Zohor

: 12:22 PM

Asar

: 03:48 PM

Maghrib

: 06:34 PM

Isyak

: 07:49 PM

 



The Business Directory


 

 



World Business


  Home > World Business


Under The Hood Of Korean Gdp, Park's $30,000 Goal Proves Elusive


 


 March 25th, 2016  |  10:09 AM  |   3180 views

South Korea

 

Here’s a key takeaway from South Korea’s gross domestic product report released Friday: Slowing economic growth and a weaker currency have pushed President Park Geun Hye’s goal of $30,000 per capita income outside her reach, at least for now.

  • The figure for 2015 dropped to $27,340, compared with $28,071 in 2014 as GDP expansion slowed to 2.6 percent and the Korean won averaged about 7 percent less than a year earlier, data from the central bank showed.
  • Park said in early 2014 that with economic reforms, Koreans would enjoy an income over $30,000 within three years. While her five-year term doesn’t end until February 2018, members of her ruling Saenuri party face a general election for the national Assembly next month.
  • “Achieving the $30,000 goal would be an event that any Korean administration would earn praise for,” said Park Jong Kyu, a research fellow at the Korea Institute of Finance. “It would mean that both the economy and social system as a whole are effective and well-established.”

Per capita income is calculated by dividing nominal gross national income by the nation’s population. In local currency terms, it rose 4.6 percent to 30.9 million won in 2015.

 

If the exchange rate remains stable and GDP grows about 3 percent annually, the $30,000 goal could be achieved in 2017, said Kim Chang Bae from the Korea Economic Research Institute.

 


 

Source:
courtesy of BLOOMBERG

by Jiyeun Lee

 

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]

 

Related News


Lahad Datu Murder: Remand Of 13 Students Extende

 2024-03-30 07:57:54

Russia Becomes First State To Recognise Afghanistan's Taliban Government

 2025-07-05 01:57:40

Trump Says US To Start Sending Out Tariff Letters

 2025-07-05 02:23:28