Taiwan About to Outpace Both South Korea and Japan

The IMF recently estimated the 2022 GDP per capita of South Korea at US$33,590 and that of Japan at US$34,360, down 4 percent and 12.6 percent year on year, respectively.

According to the IMF, this year’s difference between the two is likely to the smallest since its records began. It also said that Taiwan is likely to post the highest GDP per capita in East Asia by beating both South Korea and Japan.

Taiwan’s GDP per capita is estimated to increase from US$33,140 to US$35,510 this year. Then, its GDP per capita will exceed South Korea’s for the first time since 2003 and exceed Japan’s for the first time ever.

The rapid GDP growth of Taiwan is based on the government’s intensive support in its semiconductor industry. According to industry sources, TSMC’s sales are estimated to have exceeded Samsung Electronics’ for the first time in the third quarter of this year.