South Korea's per-capita gross domestic product(GDP) is expected to surpass 30-thousand dollars this year and 40-thousand dollars in 2023. 

The National Assembly Budget Office issued the projections on Thursday in its mid-term economic outlook.

The office forecast the nation's per-capita GDP will post nearly 32-thousand dollars this year, up seven percent from a year earlier. Last year, the nation's per-capita GDP marked 29-thousand-744 dollars. 

According to the projections, South Korea will reach the landmark 12 years after it surpassed the 20-thousand dollar mark in 2006. Other countries took an average of eight years to break the threshold.