Morgan Stanley Capital International (MSCI) has declined to elevate South Korea to developed market status on its global stock indices, maintaining the nation as an emerging market. In its 2023 Annual Market Classification Review, MSCI acknowledged Korea's efforts to enhance foreign investors' accessibility, with changes being closely monitored for their impact and effectiveness. MSCI had earlier noted that Korea needs to better facilitate information flow and align its dividend procedure with international standards. Despite ongoing efforts to bolster the financial market, including the simplification of foreign investor registration and mandating English information disclosures for listed firms, Korea's reclassification has been deferred. A promotion to developed market status could lead to a net inflow of around KRW60tr.