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[QZ] By 2020, South Koreans will have a better standard of living than the French

April 21, 2015

 

Seoul's Gangnam district (Courtesy of Seoul Korea via Flickr/Creative Commons)

Seoul’s Gangnam district (Courtesy of Seoul Korea via Flickr/Creative Commons)

[QUARTZ]

Many Koreans have an affinity for French things. Namely, French baked goods. Witness the rise of Korean bakery chain Paris Baguette, which aims to become the McDonald’s of French-style boulangeries. (The French do not approve.) Consider that even amid widespread starvation in North Korea, elites there are desperately trying to find ways to get their hands on a good baguette.

At any rate, if a global baguette bidding war breaks out, South Koreans are increasingly well placed to compete.

In South Korea, per capita GDP—a ballpark gauge of living standards—has been gaining ground on what traditionally have been some of the world’s richest countries. South Korean GDP per capita has more than doubled since the end of the 20th century, to $35,277 last year, adjusted for purchasing power parity. In a recent analysis, analysts at Moody’s forecast that South Korea’s GDP per capita is set to rise to $46,980 in PPP terms by 2020, putting it above France’s forecasted GDP per capita of $45,887.

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