Global credit rating agency Moody's expects Korea to join the ranks of advanced economies by 2018.
Speaking to reporters in Seoul on Thursday, Moody's senior vice president Thomas Byrne said Korea will catch up with countries like France in terms of GDP per person in just three to four years' time. He attributed the development to Korea's government policies and competitiveness.
Adding that Korea has maintained faster growth than other G20 nations, Byrne said he expects its GDP to grow 3.8 percent this year. That is slightly higher than recent predictions by local private and state-run think tanks.