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Under The Hood Of Korean Gdp, Park's $30,000 Goal Proves Elusive
March 25th, 2016 | 10:09 AM |
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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.
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
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