It may take more than 10 years for Korea to see its per-capita income reach US$30,000, a report says.

According to the Hyundai Research Institute, this is due to slow economic growth and other financial woes likes ballooning household debt.

The institute said the country seems to be trapped at the $20,000 per-capita income range, which it reached in 2007.

The report notes that the country's per-capita GDP grew at an annual average of just 1 percent from 2007 until last year.

If the growth rate remains below 3 percent and exchange rate remains steady, the institute predicts it will take another 10 years for Korea to reach the $30,000 milestone.