South Korea has almost recovered from its worst downturn soon after their economy marked a strongest growth since an expansion of 3.8 percent in the first quarter of 2002.

The economy grew at its fastest pace in last 7 years, which has strength the economy, facilitating people to open pockets. The Gross Domestic Product (GDP) grew 2.9 percent in three months ranging from July to September as compared to 2.6 per cent corresponding to the same time last year.

The investors cheered the news, sending Seoul’s Kospi stock index up by 1 per cent, which later closed at 1,657.11. The benchmark has soared 47 percent this year, erasing a nearly 41 percent decline in 2008.

It is a full fledged recovery from the depths of the global financial meltdown that sapped Asia’s fourth-largest economy.

“Continued strength in exports will be the main driver for economic growth, while domestic demand will be weakened due to the withdrawal of fiscal stimulus", said Oh Suk-Tae, an economist at Standard Chartered.

The manufacturing has expanded to 8.7 percent in this period, the capital spending grew to 8.9 percent and the exports of goods expanded to 5.1 percent.

There is also an increase in the spending capacity of the people.