Korea ranks world's 6th most financially advanced market

South Korea ranked as the world's sixth most financially advanced country among 183 countries, a survey showed on Thursday.

Korea's financial institutions earned the sixth-highest score of 0.854 in financial advancement, following Switzerland with 0.951, Australia with 0.890, Great Britain at 0.882, the United States' 0.877 and Spain's 0.860, according to the survey conducted by the International Monetary Fund (IMF).

The results were based on an analysis of three factors in the subjected countries in 2013 - financial depth, financial access and financial efficiency. A score closer to one means the economy has an advanced financial sector. 

The score 0.854 was well above the average of 0.328 for developing markets and that of 0.718 for developed countries.

"The IMF survey focused on satisfaction levels of businesses operating in the 183 countries. It didn't include analysis on the variety of financial services, innovation and globalization in the financial sector," the Bank of Korea said. (Yonhap)