Yonhap reported that South Korea is expected to become the world's seventh largest economy in 2032 if it continues to propel its growth engines.

Mr Kim Seok dong head of the Financial Services Commission, said that "In 2020, South Korea is likely to become the world's 10th largest economy. In 2032, it is projected to surpass Germany to join the ranks of the world's seven largest economies."

Mr Kim, however, said the economic feat is only feasible if Seoul, currently Asia's fourth largest economy, continues to step up efforts for further growth. He added that "It has to keep striving as it did over the last 50 years."

Mr Kim said that "The key for the future lies in how well South Korea adapts to changing environments and beefs up efforts for cooperation and exchange with other countries."

Mr Kim was appointed to head the financial watchdog earlier this month.

(Sourced from www.yonhapnews.co.kr)