(SEOUL = Newsis) This year, Korea is expected to make big advances toward achieving a per capita Gross National Income (GNI) of USD 40,000.

The service industry will make larger contributions to economic growth, and the employment rate will rise to 65.2 percent. Also, the number of Chinese tourists to Korea will reach 5 million.

The Hyundai Research Institute outlined these and other positives to the economy in a report on the 10 positive factors for the Korean economy in 2014 released on January 12.

▲Advance toward “per capita GNI of USD 40,000”

In 2014, Korea’s per capita GNI is forecast to record about USD 25,000, and the country will enter an era of per capita GNI of USD 40,000 in 2017. This outlook is attainable if export and investment expand, helped by economic recovery, and government policies support the growth of the ICT industry.

▲ Joining the ranks of the top seven trading nations

Export and import in 2014 are expected to grow by 8.4 percent and 10.5 percent, respectively, and the country will become one of the world’s top seven trading nations around 2015. Global economic recovery and the enhanced competitiveness of Korean products will boost both exports and imports, providing a platform for economic growth.

▲Another record-high employment rate

In 2014, in the 15-64 age group, more than 300,000 new jobs are expected to be created and the employment rate is forecast to reach 65.2 percent. If this outlook is realized, the employment rate will have hit an all-time-high for the third consecutive year, drawing closer to the government’s target employment rate of 70 percent.

▲ Housing market of the Seoul metropolitan area to rebound

The housing market of the Seoul metropolitan area is expected to rebound in 2014 thanks to government policies that were introduced in the last year. The recovery of the housing market of the Seoul metropolitan area is also likely to contribute to the revitalization of the nation’s housing market.

▲Information Communication Technology (ICT) industry expected to pick up through industrial convergence

The ICT industry will create new added value through industrial convergence, which is expected to vitalize the domestic economy.

▲The rapid pace of the nano-technology revolution

The rapid development of nano-technology will further enhance the competitiveness of both Korea and its manufacturing sector. Nano technology is regarded as one of the core elements of the development of a new industry and a new market.

▲ Korea is expected to greet 5 million Chinese tourists in 2014

The number of Chinese tourists surpassed 4 million in 2013 and is expected to top 5 million this year. The growing number of Chinese tourists helped Korea record a tourism surplus to China in 2012, and its contribution to the domestic tourism surplus has also sharply increased for the last two years.

▲ Korea to focus on exporting its medical service

More than 230,000 medical tourists are forecast to visit Korea in 2014, and growing demand for Korea’s medical services will contribute to economic growth and job creation.

▲Korea to improve its status as an international sports power

The Korean national team is expected to fight well during the Sochi 2014 Winter Olympics in February and the 2014 FIFA World Cup in June.

▲Development of regional economies

Regional economies are gaining momentum as living and economic conditions in non-capital regions are being improved and the number of people returning to farming is growing.

miel0725@newsis.com

Source Text

Source: Newsis (Jan. 10, 2014)

** This article was translated from the Korean.