We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Why is my wallet thin?

23 0 0
By Park Moo-jong

"Did you hear the news that our country has finally achieved the long-awaited goal of breaking the $30,000 mark in per capita income?"

"Really. What a good news! But why is my wallet still so thin?" "None of my business."

Two shopkeepers at the sagging Dongdaemun Market in Seoul were chatting last week after the Bank of Korea announced that South Korea's per capita gross national income (GNI) reached $31,349 in 2018, up 5.4 percent from $29,745 tallied a year earlier.

Thus, South Korea became the seventh country in the world to join the so-called "30-50" club of economic powers which have per capita income surpassing $30,000 and a population of over 50 million.

It took 12 years for the nation to breach the $30,000 mark after it surpassed $20,000 in 2006, while Japan and Germany took five years and the United States took nine, all crossing the line two decades ago in the 1990s.

To recall, our per capita GNI stood at just $67 in 1953 when the 1950-53 Korean War, provoked by the North Korea invasion, devastated its economy. What a great achievement!

The Moon Jae-in government must be happy to see Korea passing through the $30,000 threshold, a symbolic certificate of an advanced country, less than two years after its inauguration.

Unfortunately however, many people, particularly........

© The Korea Times