Korea's per capita GDP sinks<\/p>\n
SEOUL (AFP): South Korea's per capita GDP is expected to fall
\nto US$6,600 this year from $10,548 in 1996 due to the sharply
\ndevalued won and the ongoing economic slowdown, a private think
\ntank said over the weekend.<\/p>\n
The LG Economic Research Institute said South Korea's economy
\nwas expected to dwindle 1.3 percent this year and its gross
\ndomestic product would contract to $312.1 billion in 1998.<\/p>\n
The projections were based on the assumption that the annual
\naverage won-dollar exchange rate would be around 1,445 won.<\/p>\n
As a result, the country's global rank measured by GDP -- the
\nadded value of domestically produced goods and services -- would
\ndrop from 11th in 1996 to 17th this year, behind Russia, Mexico,
\nIndia and Netherlands.<\/p>\n
In 1996, South Korea's GDP reached $484.6 billion.<\/p>\n
"Because of the ongoing economic slump and the currency
\ndevaluation, per capita GDP will post negative growth for the
\nfirst time in 17 years," said a senior researcher of the
\ninstitute.<\/p>",
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