The average lifes pan of Koreans will hit 89.38 years by 2040 in an economy where per capita income will have doubled to $38,408, a state report said.

The Ministry of Strategy and Finance Ministry said Asia’s fourth largest economy will continue to expand exports and that 2009’s per capita income of $17,175 will more than double in just under three decades.

The average life expectancy in Korea is 80, making it the 20th longest living nation among 193 countries monitored by the World Health Organization.

The report, based on research by Sunkyunkwan University, forecast the country’s birthrate to rise from an average of 1.15 children per woman to 1.42 children in 2040.

The Finance Ministry said the report can be used as a reference for future policymaking as it prepares budget reforms for growing welfare demand.

“If necessary steps such as innovation, reforms and liberalization are made, the changes forecast by the report can be met,” the ministry said.

The report also said Korean society will see a weakening of traditional values such as Confucian traditions, but predicted the family culture prioritizing children’s education to continue to raise living standards.

The findings also said Koreans will be able to enjoy more leisure time in the future.

It said leisure time outside work for the average Korean worker could rise to 5.87 hours by 2040, up from 4.8 hours in 2008.

The findings are similar to recent research by the Asian Development Bank, which said Koreans will enjoy a higher standard of living than the Japanese by 2030. The regional lender projected Korea’s gross domestic product per capita and purchasing power to exceed that of Japan in its “Asia 2050” publication.

“In a steadily growing economy per capita GDP rises continuously ― the experience of Korea. But many middle income countries do not follow this pattern,” ADB said.

By Cynthia J. Kim (cynthiak@heraldcorp.com)