Asia

The financial panic of late 2008 and the global economic recession that followed has been the greatest economic shock since World War II. While North Asia was caught up in…

East Asia is an area where real economic activities are closely linked. The brisk trade in goods and services among East Asian countries shows a well-integrated East Asian economy. Most…

A common problem facing students of the economy of the Democratic People’s Republic of Korea (DPRK) is the shortage of available statistics. It is extremely challenging to procure DPRK data,…

In the wake of the fall of Lehman Brothers, in the fourth quarter of 2008 and the first quarter of 2009 Korea was faced with its biggest economic challenge since…

When Kim Jong-il died in 2011, the world held its breath as North Korea entered uncharted waters. No other communist dictatorship in the last century – for that matter no…

On June 25, 1950, North Korea launched a surprise invasion of South Korea and started a war that is still technically ongoing. But it was – as North Korea’s Kim…

The North Korean economy is changing – we know this because of widely reported growth of private markets since the famine of 1990s. But black markets and illicit activities are…

In May, The Korean-born Los Angeles Dodgers’ pitcher Ryu Hyun-jin was named The National League Pitcher of the Month. When you think of Asians and baseball, you might think first…

The latest OECD Economic Outlook, released on November 22nd, paints a grim picture of the world economy. Russia’s war against Ukraine has resulted in a significant energy price shock similar in magnitude to those seen in the 1970s (Figure 1). High inflation has spread across countries and products, prompting central breaks to raise interest rates,…

In recent days, North Korea’s human rights abuses were again debated at the United Nations and a resolution critical of Pyongyang is being circulated for consideration.  North Korea’s human rights record has been debated and a resolution critical of the government in Pyongyang has been adopted by the UN General Assembly every year since December…

At the end of September, the Republic of Korea attended a meeting of the Partners in the Blue Pacific (PBP). The initiative, led by the U.S., Australia, Japan, and Britain, aims at working with states in Oceania on advancing regional development. Ahead of the meeting, the Korean government was equivocal to the initiative. "Nothing has…

The 2022 OECD Economic Survey of Korea, released in September, highlighted the need to strengthen the social safety net. In particular, the share of the population aged 65 and older in relative poverty exceeds 40%, nearly triple the OECD average (Figure 1). Ensuring adequate retirement income requires reforms to improve the National Pension Service (NPS),…