A Note on Economic Development in North Korea: Call for a Comprehensive Approach

North Korea is currently one of the most impoverished countries with a history of famine, but the country has a significant potential for economic development that could lift its population from poverty. Neighbored by some of the largest and most advanced economies in the world (South Korea, Japan, and China) and endowed with abundant mineral resources, industrial experience, and a history of successful economic development in the past, North Korea can embark on the path to rapid economic development, as its southern counterpart (South Korea) did so successfully since the 1960s. Yet, the successful economic development of North Korea requires a comprehensive approach, including obtaining a fund for development; normalizing relations with the West and the neighboring countries; improving its human rights conditions; prioritizing key industrial development; and reforming its political-economic system. This note discusses the comprehensive approach necessary for the successful economic development of North Korea.