On Thursday, according to the Nikkei, a Japanese private research institute projected that South Korea will rank 21st in global income level by 2075. Last year, South Korea ranked 25th.
The Japan Center for Economic Research (JCER), in its interim report for long-term economic forecasts released every five years, projected that South Korea’s real GDP per capita will reach $79,200 by 2075.
In contrast, Japan’s actual GDP per capita in 2075 is estimated at $45,800. Its global ranking is expected to fall from 29th last year to 45th in 2075, lower than Kazakhstan and Russia.
The institute predicted that Japan’s overall real GDP ranking will fall from 4th last year to 11th in 2075 and that the country’s average economic growth rate between 2071 and 2075 will remain at 0.3%.
It also projected that Japan’s population, currently around 120 million, will decline to 97 million by 2075.
The institute projected that the top 10 countries by GDP in 2075 will be, in order: the United States, China, India, Germany, Indonesia, the United Kingdom, Mexico, Brazil, Canada, and France.
Nikkei reported that “Japan will fall to a mid-tier country by 2075,” adding that the institute emphasized the need to utilize digital technologies such as artificial intelligence (AI) and to reform employment practices.
The institute included 83 countries and regions in its analysis for this report, including Hong Kong and Taiwan.
