Friday, December 6, 2019

A Look At The North Korean Economy

Kim Jong Un cuts a ribbon to launch the town of Samjiyon, a signature project completed despite biting sanctions [KCNA via Reuters]

38 North: The North Korean Economy, November 2019: Kim Jong Un’s Kumgang Statement Signals a Shift in Economic Gears


On Wednesday, October 23, Kim Jong Un visited the Mt. Kumgang Tourist Region in the southern part of the country, which was started and formerly operated in cooperation with South Korea’s Hyundai Asan conglomerate. His comments during the visit put another nail in the coffin of traditional forms of North-South economic cooperation. It also illustrated North Korea’s growing confidence that it can promote economic growth without direct involvement from South Korea, through systemic economic change and self-sufficiency in managing its tourism industry.

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WNU Editor: Apparently sanctions are not working .... Report: North Korea economy developing dramatically despite sanctions (UPI).

1 comment:

Anonymous said...

North Korea's main trading partners are China, Russia and other rogue states. Of course sanctions did not seem to hurt North Korea.

You have to ask yourself what the opportunity cost is of North Korea not trading with South Korea, Japan, Taiwan or other nations.

North Korea has a "critical mass" of trading partners and the largest amount of its trade is with partners nearby.

I'm thinking that It did not work out as well for Cuba, because Russia, China and other totalitarian states did not need what Cuba produced. That is they obtained whatever Cuba produced at a better produce elsewhere. They only traded fitfully with Cuba for the reasons of solidarity.

Sanctions that do not work as well against North Korea would work much better against Cuba. There is no rail line from Cuba to either Russia or China.