South Korea has failed to make the World Government Bond Index(WGBI) operated by FTSE Russell.

According to Reuters, FTSE Russell said on Thursday that South Korea will remain on a watch list for possible country reclassification and inclusion in the key government bond index as the analyst postponed its decision on South Korea's inclusion.

Last September, South Korea was added to the watch list for the WGBI, a broad index designed to measure the performance of government bond markets, including local currencies and sovereign bonds of major advanced nations.

South Korea has sought the inclusion since last year, proposing several new initiatives intended to improve the structure and accessibility of its capital market for both domestic and global investors. A study by the Korea Institute of Finance shows that South Korea’s entry will likely attract some 50 to 60 trillion won in funds from global investors.

FTSE Russell reportedly said that it will continue to observe the implementation of various measures announced by the South Korean government and the market's reaction to them.

Experts expected that South Korea may be included in the index this March, but the country now must wait until September.