Korea to be worlds 7th-largest economy in 2032: official

Korea is expected to become the world's seventh-largest economy in 2032 if it continues to propel its growth engines, the country's top financial regulator has said.

"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," Kim Seok-dong, the head of the Financial Services Commission, said in a meeting with reporters on Friday.

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.

"It has to keep striving as it did over the last 50 years," Kim said, after mentioning South Korea's achievements in areas such as trade, construction and sports since 1960.

"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," Kim said, adding he will strive to nurture the finance industry as the country's core business.

Kim was appointed to head the financial watchdog earlier this month.(Yonhap)