Korea soon to be advanced economy in PPP terms
Korea is about to join the ranks of advanced countries in terms of gross domestic product based on purchasing power parity (PPP), a local think tank said, yesterday, in a report on Koreans’ actual living standards.
The Hyundai Research Institute said that Korea’s per capita GDP reached $22,778, the 34th largest in the world, in 2011, but its GDP by PPP per capita is estimated at $31,714, the world’s 25th highest.
The wide gap between nominal and PPP-based GDP data apparently stems from below-average food, shelter and clothing costs in Korea, said the institute in a report compiled on the basis of the 2008 prices of major necessities. Yonhap
with the Korea JoongAng Daily
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