Korea may not be an economic powerhouse, but its per capita GDP will soon catch up to that of its neighboring country, Japan.

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According to estimates by the International Monetary Fund's (IMF) World Economic Outlook Database, Korea's per capita GDP is expected to hit $36,750 in 2020, a 31.4% jump from the per capita GDP of $27,970 last year. Japan, on the other hand, will only see a growth of 6% from $36,222 to $38,174 in its per capita GDP during the same five years.

Though the numbers tell one story, the reality is starkly different. While the per capita GDP in Korea will see a dramatic rise in the next five years, the quality of life will still be below average. Park Jun Ho, an office worker in Gyeonggi Province, said, "even those with regular jobs can barely make ends meet," attesting to the difficulties of getting by even on steady income in Korea.

Park Jong Kyu, a senior research fellow at the Korea Institute of Finance credited the possible rise in Korea's GDP mainly to a favorable foreign exchange rate. He said, "It could happen if the Korean won continues to get stronger and the Japanese yen continues to get weaker. Without the favorable foreign exchange rate, it would be difficult to narrow the gap in only five years," as quoted by The Korea Times. Park further stated that Koreans really won't feel that they are 'richer' just from an increase in GDP, unless they travel often or live abroad.

Park also cited fair income distribution as an important factor to an improved quality of life in Korea. While wealth is more equally distributed in Japan, such is not the case in Korea. In fact, Park stated that it has "worsened in Korea during the past few years."

Choi Seong Keun, another senior researcher from the institute emphasized the need for Korea to work on improving its quality of life in addition to boosting economic growth.