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KDI - Korea Development Institute

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North Korea Economy KDI Review of the North Korean Economy, January 2024 February 02, 2024

North Korea Economy

Monthly published paper on the current status of the North Korean Economy and major
issues on inter-Korean economic cooperation assisting academia, policy makers and corporate sectors to better understand North Korea

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LanguageKOR
KDI Review of the North Korean Economy, January 2024
February. 02. 2024
Summary
The January issue provides a multifaceted evaluation and prognosis of North Korea's economic state, utilizing novel data sources such as orbital satellite data. The article offers a unique vantage point, quantifying the country's atmospheric pollution and nocturnal luminosity, thus presenting an alternative to conventional economic metrics. Interpretations of North Korea's macroeconomy in 2023 are mixed, encompassing both positive and negative perspectives, and the outlook for 2024 remains highly uncertain. In the aftermath of COVID-19, North Korea's international trade exhibits a recuperative trend, albeit amidst ongoing uncertainties. The industrial sector is deemed to have either expanded or at least sustained its previous year's performance. Centralized policies have significantly increased productivity in the food and agriculture sectors, with market prices and currency exchange rates stabilizing to previous levels. The energy sector remains stagnant, mirroring past trends, while the transportation and logistics realms, though challenging to quantify, are presumed to have experienced growth. The issue also discusses the potential short-term economic uplift for North Korea stemming from its significant military supplies to Russia, within the context of their bilateral military collaboration. In the absence of official domestic statistics, the issue employs data from external sources to appraise North Korea's economic dynamics.
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