The International Monetary Fund estimates South Korea's per capita gross domestic product to be $34,642 this year, The Korea Herald reported Monday, citing data from the IMF's World Economic Outlook report.

The figure represents a 4.1% decline from the previous year and is below the 2022 level of $34,822, the report said.

The achievement of a GDP per capita of $40,000, originally forecast for 2027, is now projected to be delayed until 2029, according to the latest projection by the IMF.

The revision reflects the Korean won's depreciation against the greenback, weighing heavily on dollar-denominated GDP, the report said.

IMF also slashed South Korea's 2025 growth forecast to 1%, down from 2% in January. Although the country is still expected to stay ahead of Japan in per capita GDP through 2030, Taiwan is now forecast to surpass South Korea by 2026, according to the report.

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