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UN agency upgrades Korea to developed economy
Posted : 2021-07-03 14:13
Updated : 2021-07-03 14:36
Lee Tae-ho, South Korea s new Permanent Representative to the United Nations Office at Geneva / Courtesy of Permanent Mission of the Republic of Korea to the United Nations Office
A United Nations agency dealing with trade and development issues decided Friday to categorize South Korea as a developed economy.
The decision was made unanimously during the 68th board meeting of the U.N. Conference on Trade and Development (UNCTAD) held at the agency s headquarters in Geneva.
This is the first time that the agency has upgraded a member nation from the developing economy group to the developed one since its establishment in 1964.