The “Road to 2075” report released by the IB on Thursday (local time) predicts that Korea’s economic growth rate will fall from an average of 2% in 2020 to 0.8% in 2040, -0.1 % in 2060 and – 0.2% in 2070s. Among the 34 countries for which Goldman Sachs released its growth rate forecast, Korea was the only country expected to record a negative growth rate.
Korea’s real gross domestic product (GDP) is expected to increase from US$2 trillion in the 2030s to US$3.3 trillion in 2060 and then stagnate at US$3.4 trillion in 2075. Accordingly, the Korean economy will from in 2075, dwarfing that of Japan ($7.5 trillion) and even Southeast Asian countries such as the Philippines ($6.6 trillion), Malaysia ($3.5 trillion), and Bangladesh ($6.3 trillion).
The report predicts that Korea’s real GDP per capita will reach $101,800 in 2075, bringing it closer to the US ($132,200) and Europe ($14,300).