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  • KDI Review of the North Korean Economy, November 2021
  • Date November 30, 2021
  • Language Korean
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North Korea's price and exchange rate stability, economic recovery and development, etc. were somewhat owed to the dollarization in its domestic market. However, amid the unprecedented situation of border closures due to the COVID-19 crisis in 2020 coupled with the long-standing sanctions on North Korea since 2016, the North Korean authority is allegedly known to take an action to ban the use of dollars, giving a rise to a ‘reverse dollarization.’ The North Korean Economic Research Forum discussed on the causes and current state of this phenomenon. Participants saw that the authority is using the situation as an opportunity to secure the foreign currency reserve it desperately needs to survive the international sanctions. However, once the border blockade is lifted and the power of the market is restored, the economy will likely return to dollarization. deals with the key agendas for technology and knowledge cooperation with North Korea, and it recommends focusing more on economic development issues than on social ones that North Korea has emphasized when creating appropriate educational contents for each specific topic. 'Economic Materials' introduces and classifies the types of operating assets of North Korean companies, and looks over how they are managed.

October’s looks over the weakness and problems in North Korea’s road and transport infrastructures that have been an obstacle to the present and future of its economic development. It describes the background of the current situation of railway, road, and shipping infrastructures, and suggests the directions and principles for future inter-Korean transportation cooperation. 'Trends and Analysis' explains that the Kim Jong-un regime entered the stage of political and structural stabilization, but economic situations continued to deteriorate due to economic sanctions that began in 2016, a series of natural disasters, and the recent COVID-19 pandemic. North Korea's intent in response to these pending challenges was reviewed based on the recent amendment of the Party’s bylaws and the strategy changes concerning South Korea and the outside world. It also analyzes the trends and prospects of the increasing arms race on the Korean Peninsula, and compares the fundamental differences between the two Koreas in terms of military power building. South Korea is now attempting a strategic approach to disable North Korea's nuclear threat by increasing its own countervailing force, but the competition itself is expected to continue for a while. 'Economic Data' deals with the possibility that North Korea might have gained significant financial crime profits in recent years, particularly using cryptocurrency.
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Office of Global Economy
Providing Economic Forecast and Macroeconomic Policy Direction, the Groundwork for a Brighter Future

The Department of Macroeconomics is conducting researches on the macro economy and macroeconomic policy, particularly focusing on suggesting the analysis of macroeconomic trends and current status of the economy at home and abroad, the economic forecast, and the policy direction of the macro economy. The Department is also in charge of establishing, sustaining and maintaining various econometric models, based on which it analyses policy effects and develops a long-term economic forecast.

Main Tasks
  • Economic trend analysis, short- and long-term forecast
  • Policy study on macroeconomic management
  • Basic structural analysis on macroeconomic areas
  • Maintenance of multi-sectoral dynamic macroeconomic model
Department of Macroeconomic Policy
  • LEE. Tae Suk

    Director, Division of Analysis and Evaluation

    82-044-550-4725
  • CHO, Byungkoo On leave

    Director and Vice President, Department of North Korean Economy

    82-044-550-4725
  • LEE, Jongkyu

    Fellow

    82-044-550-4725
  • WEE, Hyeseung Dispatched

    Research Associate

    82-044-550-4725
  • NAM, Jinwook On leave

    Specialist

    82-044-550-4725
  • KIM, Seulki

    Research Associate

    82-044-550-4725
  • CHUN, Eunkyung

    Research Associate

    82-044-550-4725
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