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Korea's per-capita income will likely top US$20,000 this year as leading economic agencies including the Bank of Korea upgrade their growth forecasts.
The LG Economic Research Institute forecast Tuesday that Korea will earn $20,070 in per capita income this year as long as gross domestic production grows at the rate of 4.5 percent and the won continues to hold strong at W925 versus the dollar.
The nation recorded per-capita income of $18,372 last year.
Song Tae-jung, an economist at the LG Economic Research Institute, cited various economic data that shows Korea is on track to hit the important $20,000 mark this year.
Korea's per-capita income jumped from $9,459 in 1994 to $11,432 in 1995. But the 1998 financial crisis pulled down the per-capita income to $7,355. Korea returned to the $10,000 level in 2000.
(englishnews@chosun.com )
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