South Korea’s per-capita gross domestic product (GDP) is projected to fall three spots this year, dropping from 34th to 37th place globally, according to the latest World Economic Outlook released by the International Monetary Fund (IMF). In contrast, Taiwan is expected to climb from 38th to 35th, overtaking South Korea for the first time in 22 years.
According to data from the Bank of Korea and the IMF report published on October 15, South Korea’s per-capita GDP is forecast to reach $35,962 in 2025, down 0.8% from $36,239 last year. This decline will likely push the country’s ranking down to 37th among the 197 economies tracked by the IMF.
Despite the short-term drop, the IMF projects that South Korea’s per-capita GDP will exceed $40,000 in 2028, reaching $40,802 — a year earlier than its April forecast. However, the report also anticipates a continued decline in ranking, from 38th next year to 40th in 2028 and 41st by 2029.
Taiwan, on the other hand, is expected to experience strong growth driven by its semiconductor industry. The IMF projects Taiwan’s per-capita GDP to rise 11.1% this year — from $34,060 in 2024 to $37,827 in 2025 — boosting its global ranking to 35th.
By 2026, Taiwan’s per-capita GDP is expected to surpass $41,500, reaching the $40,000 threshold two years ahead of South Korea and climbing to 31st place globally. Looking further ahead, the IMF estimates Taiwan’s per-capita GDP will reach $50,252 by 2030, crossing the $50,000 mark, while South Korea’s figure is projected at $44,262 in the same year.
According to the Korea Center for International Finance, eight major global investment banks expect Taiwan’s real GDP to grow by an average of 5.3% this year. Nomura, which issued the most optimistic forecast at 6.2%, said in a recent report that “Taiwan’s economy is growing even faster in the third quarter than in the second,” revising its Q3 growth projection from 3.0% to 7.6% year-on-year.
The Japanese brokerage added that while domestic demand and investment remain weak, semiconductor production continues to be strong, keeping the island’s technology-led manufacturing momentum intact.
The IMF ranks Liechtenstein as the world’s wealthiest economy by per-capita GDP in 2025 at $231,071, followed by Luxembourg ($146,818), Ireland ($129,132), Switzerland ($111,047), Iceland ($98,150), Singapore ($94,481), Norway ($91,884), the United States ($89,599), Denmark ($76,481), and Macau ($74,921) rounding out the top ten.
