Economic Trends: South Korea's GDP Dips as Taiwan Surges

The International Monetary Fund (IMF) reports that South Korea's per capita GDP is set to decline, dropping its global ranking from 34th to 37th. Meanwhile, Taiwan's GDP is projected to rise significantly, boosting its ranking. IMF predicts Taiwan's robust growth will continue, driven by a strong semiconductor industry.

The International Monetary Fund's (IMF) latest report projects a decline in South Korea's per capita GDP, lowering its rank from 34th to 37th globally. The GDP is expected to fall by 0.8% to USD 35,962 for 2025, compared to USD 36,239 last year.

The IMF forecasts Korean GDP reaching USD 40,802 by 2028, though its global ranking is predicted to drop to 41st by 2029. In contrast, Taiwan's economy is on an upward trajectory, with its GDP expected to surge by 11.1% this year, raising its rank from 38th to 35th.

While Taiwan is set to exceed the USD 40,000 GDP mark two years ahead of South Korea, its robust semiconductor sector is a driving force. In 2030, Taiwan's GDP may surpass USD 50,000, as Japan and other countries like Liechtenstein and Luxembourg also feature prominently in traditional GDP standings.

(With inputs from agencies.)