South Korea's GDP per capita fell 8.2% to USD32,142 in 2022, marking the third-largest decline among major economies, according to data from the Bank of Korea, the OECD, and the World Bank. The sharp drop was mainly attributed to the strong U.S. dollar and the surge in oil prices, which caused the Korean won to weaken by 12.9% against the dollar. Despite a 3.9% increase in nominal GDP in Korean won, the figure fell 7.9% in U.S. dollars to USD1.68tr.The International Monetary Fund also reduced South Korea's growth outlook for 2023 by 0.1 percentage points to 1.4%, citing “persistent challenges” in the global economy.
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