Korea's per capita GDP sinks

Korea's per capita GDP sinks

SEOUL (AFP): South Korea's per capita GDP is expected to fall
to US$6,600 this year from $10,548 in 1996 due to the sharply
devalued won and the ongoing economic slowdown, a private think
tank said over the weekend.

The LG Economic Research Institute said South Korea's economy
was expected to dwindle 1.3 percent this year and its gross
domestic product would contract to $312.1 billion in 1998.

The projections were based on the assumption that the annual
average won-dollar exchange rate would be around 1,445 won.

As a result, the country's global rank measured by GDP -- the
added value of domestically produced goods and services -- would
drop from 11th in 1996 to 17th this year, behind Russia, Mexico,
India and Netherlands.

In 1996, South Korea's GDP reached $484.6 billion.

"Because of the ongoing economic slump and the currency
devaluation, per capita GDP will post negative growth for the
first time in 17 years," said a senior researcher of the
institute.