The International Monetary Fund(IMF) has predicted that South Korea’s per capita gross domestic product(GDP) will drop three spots this year to rank 37th in the world.

The Bank of Korea said Monday that the agency had projected South Korea’s per capita GDP at 35-thousand-962 U.S. dollars in its World Economic Outlook report released last Wednesday, marking a zero-point-eight percent decline from the previous year.

The IMF predicted that among 197 economies, South Korea’s ranking will weaken from 34th in 2024 to 37th this year, while Taiwan's will strengthen from 38th to 35th to overtake South Korea for the first time in 22 years.

The agency believes that per capita GDP will continue falling, pushing South Korea 38th next year, 40th in 2028 and 41st in 2029.

The IMF also revised its forecast for South Korea’s per capita GDP and now predicts that the figure will surpass 40-thousand dollars by 2028, a year earlier than the previous it previously made in April.