Global credit rating agency Standard & Poor's has upgraded South Korea’s economic growth outlook for this year to two-point-eight percent. 

Paul Gruenwald, the agency's chief Asia-Pacific economist, told reporters in Seoul on Wednesday that the agency marked up the growth outlook for South Korea’s gross domestic product by a quarter percentage point last month. 

He said the recovery in the global economy and trade has positively affected South Korea, which is open and dependent on trade.  

Gruenwald said that the global economy has been faring well, citing that growth in worldwide trade has been outpacing economic growth recently.