South Korea's Ministry of Economy and Finance said per capita gross national income (GNI) is “almost certain” to reach $40,000 this year. According to Sina Finance, South Korea's economy grew 1% quarter over quarter in the third quarter, supported by strong exports and investment. The ministry made its assessment after the Bank of Korea released preliminary third-quarter GDP data.

If reached, $40,000 would mark a new milestone after South Korea's per capita GNI first exceeded $30,000 in 2014. The ministry said the economy had remained solid despite a high base effect in the first half, raising the likelihood that growth will reach around 3.5% this year. South Korean Finance Minister Lee Hyeong-il said this month that economic growth in 2026 could range from 3.4% to 3.6%.

The International Monetary Fund recently forecast that South Korea's per capita GNI would reach $40,000 in 2026 and $50,000 in 2028. The ministry also cited structural challenges despite strong growth, including increasingly serious livelihood issues and disparities across sectors. It said the government plans to address livelihood issues and reduce disparities so that the benefits of economic growth reach people's daily lives. Lee also wrote on social media that the $40,000 per capita income milestone was “just around the corner.”