The government and ruling People Power Party on Monday set a target of a per-capita GDP of US$40,000 by the end of President Yoon Suk-yeol's five-year term.
Sung Il-jong, the head of the PPP's policy committee, said, "We decided to reflect the vision of achieving a per-capita GDP of $40,000 by 2027 in the government's operating plan from next year."
Korea's per-capita GDP only surpassed $10,000 in 1994 but swiftly reached $20,000 in 2006 and $30,000 in 2017.
Last year it stood at $34,757.
That means Korea is still a long way away from achieving $40,000 at the current rate. Economic growth is expected to slow to less than two percent next year due to the coronavirus pandemic and Russian invasion of Ukraine, compounded by sky-high inflation and a record trade deficit.
