Finance Minister Hong Nam-ki posted a Forbes article that ranked South Korea as the third safest out of 100 countries around the world during the COVID-19 pandemic.

On his social media account on Wednesday, Hong said the country's outstanding quarantine capabilities have been reconfirmed, as it ranked third in terms of quarantine efficiency and fourth under the category of governance.

The minister pointed out that there was a correlation between quarantine and economic recovery, saying countries showing higher levels of COVID-19 safety suffered relatively less economic damage from the pandemic.

The ranking is based on an updated report by the Hong Kong-based Deep Knowledge Group, which assesses the economy, politics, health care and safety of 250 countries in relation to COVID-19.

South Korea moved up seven spots from the previous report in June. Topping the most recent list was Germany, followed by New Zealand.