South Korea will reach a per capita gross national income of $40,000 in 2023 if Korea continues low growth, data showed Monday.

According to the Korea Economic Research Institute, the OECD predicted that if South Korea’s potential growth rate falls to 2.9 percent, it would take 17 years for the per capita GNI to rise from $20,000 to $40,000. South Korea reached $20,000 in 2006.

This is longer than the OECD average, which was 13.6 years. Among the G7 nations, Japan, Italy and Britain took eight, 13 and 14 years for their per capita GNI to reach $40,000, respectively.

If South Korea is to take 17 years, it would become the country taking the second-longest to reach a $40,000 per capita GNI, after Finland, which took 18 years.

Additionally, while G7 nations are seeing a rebound in growth rate, Korea’s potential growth rate was recorded as 3.59 percent in 2015, 2.9 percent in 2022 and 1.91 percent in 2034.