TAIPEI (Taiwan News) — The International Monetary Fund (IMF) predicts Taiwan’s per capita gross domestic product (GDP) will overtake Japan’s for the first time this year, and stay ahead in 2023, National Development Council (NDC) Minister Kung Ming-hsin (龔明鑫) said Friday (Oct. 21).

According to the IMF forecast, Taiwan’s GDP will rise to $35,510 (NT$1.14 million) in 2022 from $33,140 the previous year. Meanwhile, Japan’s is expected to drop 12.6% to $34,360 and South Korea’s GDP will likely fall 4% to $33,590.

Kung told a broadcast interview that this year would mark the first time ever that Taiwan’s per capita GDP exceeded the figure for Japan. It would also be the first time in 19 years that it overtook South Korea’s GDP, CNA reported.

The minister said the IMF was predicting similar amounts for 2023, with Taiwan recording $36,834, Japan $35,034, and South Korea $34,767. Despite the COVID-19 pandemic, inflation, and the trade war between the United States and China, Taiwan’s economy was still performing quite well with low unemployment, Kung said.

Looking back at the past three years, Taiwan booked an average annual GDP growth of 4.4%, while South Korea had grown by 2%, and Japan contracted by an average of 0.2%. The minister said average growth figures for Taiwan were now higher than for most of the rest of the world.

The IMF also revised its forecast for Taiwan’s economic growth this year to 3.3% from the 3.2% it had mentioned in April, with 2.8% expected in 2023. According to Kung, inflation dropped below 3% in August, making it likely that the figure for all of 2022 would also stay under 3%, in contrast to the IMF prediction of 3.1%.