South Korea has been promoted to developed country status by FTSE Group, the global index provider, in a landmark move likely to prompt global investors to shift billions of extra dollars into the country's stocks.
FTSE will this morning announce that South Korea has joined the ranks of the US and Germany in the top tier of investor-friendly financial markets, capping a stunning turnround for a country that a decade ago was left crippled by the Asian financial crisis.
South Korea's elevation forms part of the provider's annual classification changes to its global equity index series, which are used by investors to construct weighted portfolios.
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