Hong Nam-ki: "Surpassing $35,000 National Income, Remarkable Achievement Amid COVID Crisis"

[Asia Economy Sejong=Reporter Kwon Haeyoung] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki evaluated South Korea's per capita Gross National Income (GNI) surpassing $35,000 on the 3rd as "a remarkable achievement considering the unprecedented global COVID-19 crisis."

Deputy Prime Minister Hong made this statement on Facebook regarding the Bank of Korea's announcement of the '2021 Q4 and Annual National Income (Provisional)'.

He said, "Last year's per capita GNI increased by the largest margin since 2010 (10.3%) due to a rebound in current growth rate and exchange rate stabilization," adding, "Per capita national income surpassed $10,000 in 1994, exceeded $20,000 in 2006 after 12 years, and then broke through $30,000 in 2017, the first year of the Moon Jae-in administration, after 11 years. Now, it has exceeded $35,000 in just 4 years."

Regarding last year's nominal Gross Domestic Product (GDP) growth of 6.4%, the largest since 2010, he also said, "Our economy maintained its position as a global top 10 economy for two consecutive years," and evaluated, "Considering that the International Monetary Fund (IMF) forecasts our economy will stably maintain its top 10 status until 2023, we have firmly established ourselves as the world's 10th largest economic power by turning the crisis into an opportunity for a leap forward."

He showed an encouraging response to the fourth quarter growth rate rising by 0.1 percentage points from the preliminary figure (1.1%) to 1.2%.

He said, "This provisional increase confirms that our economic resilience was stronger," and evaluated, "Among G20 advanced countries, we rebounded the fastest and strongest from the COVID-19 crisis. Especially, the balanced contributions of corporate exports-investment, household consumption, and proactive fiscal roles led to this growth, making the achievement even more meaningful."

However, he expressed concerns about economic uncertainties such as Omicron and the Ukraine situation.

Deputy Prime Minister Hong said, "Exports continue to show a solid trend, but difficulties for small business owners and self-employed persist due to the spread of Omicron, and the domestic demand recovery has stalled," adding, "Supply chain disruptions, global inflation, accelerated shifts in major countries' monetary policies, and the Ukraine situation have raised economic uncertainties higher than ever." He emphasized, "The government will have confidence in the resilience of our economy in crisis but will not be complacent. We will do our utmost to continue the economic recovery by thoroughly managing risks, ensuring the stability of people's livelihoods through support for small business owners and proactive price management."

This content was produced with the assistance of AI translation services.