According to the recently released 2011 Financial Development Index compiled by the World Economic Forum, Korea now ranks 18th out of 60 major economies. The index ranks the world’s leading financial systems and capital markets according to 7 factors including institutional environment, financial stability, and financial access. This year, Korea ranked ahead of China at 19th but followed behind Spain at 17th.
Korea has moved up six spots since last year, due mainly to improved scores in financial intermediation, specifically in the banking and non-banking financial services areas. Despite this year’s improvements, Korea is still held back by difficulties in facilitating access to capital, especially by a lack of venture capital availability, difficulty in obtaining access to loans, and a low level of FDI.
For the first time, Hong Kong topped the list, with the U.S. and the U.K. following behind at 2nd and 3rd.
To view the report in its entirety, download the PDF at this link.
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