North Korea Economy KDI Review of the North Korean Economy, October 2024 October 30, 2024
- Summary
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North Korea's increasing frequency of natural disasters has drawn attention to its response strategies. The July 2024 Yalu River flood prompted North Korea to bolster its disaster preparedness, focusing on stockpiling resources and strengthening crisis management. Using satellite imagery and international weather data, the country is refining analysis methods to better match its unique vulnerabilities. North Korea is also intensifying its climate response. Under the Paris Agreement framework, options for inter-Korean cooperation through the international carbon market are being considered, including using North Korea's greenhouse gas reduction potential to help South Korea meet its NDC goals. In agriculture, favorable weather conditions in 2024 have led to positive crop projections. According to the USDA and EU MARS, North Korea's rice and corn yields are expected to exceed average levels this year. Despite localized heavy rain damage, agricultural production appears stable, with farmland losses in Sinuiju and Uiju having limited impact on overall grain output. Lastly, North Korea stresses the importance of joint climate action with South Korea in addressing the global climate crisis, viewing such collaboration as a strategic opportunity to mitigate environmental and security risks on the Korean Peninsula while gaining international support.
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