The Bank of Korea(BOK) assessed that centralization of economic power in Seoul and surrounding capital regions have further intensified since 2015.

According to the BOK's latest report on regional economies on Monday, growth in production in the capital area centered on semiconductors, either remained at the same level or slightly dropped between 2015 and 2022 compared to the period between 2001 and 2014.

In many areas outside the capital region, however, growth in production, centering around automobiles, chemical products, and the machinery industry, fell three percentage points or more during the same period.

This has led to the capital area's contribution to the nationwide economic growth rate to rise from 51-point-six percentage points between 2001 and 2014 to 70-point-one percentage points between 2015 and 2022.

The gap in income per capita by region narrowed due largely to income growth in provincial regions falling at a slower pace after 2015, compared to that in major cities.

Private consumption, on the other hand, widened between the capital area and elsewhere, reflecting the movement of young people to major cities and the rapidly aging population in regional communities.