South Korea Economic Recovery Strengthens as Income Heads Above USD40,000

South Korea economic recovery is becoming increasingly evident, with per capita gross national income expected to exceed USD40,000 this year, according to Finance Minister Koo Yun-cheol.

Koo said nominal gross domestic product in Asia’s fourth-largest economy recorded its fastest second-quarter growth in 47 years.

Speaking at a meeting of economy-related ministers, he said the economy was moving more clearly towards recovery and growth despite challenging external and domestic conditions.

The improving outlook comes as policymakers seek to strengthen industrial competitiveness and support longer-term growth.

Ministers also discussed plans to restructure South Korea’s steel industry through increased use of artificial intelligence and a shift towards greener production methods.

Detailed measures for the steel sector are expected in the fourth quarter as the government seeks to improve productivity and competitiveness while adapting major industries to technological change and increasingly demanding environmental requirements.