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HSF Korea’s Contribution to KORUM

In the 4th Quarter (No.86) of KORUM published by the Korean-German Chamber of Commerce and Industry (KGCCI), Dr. Bernhard Seliger, representative of HSF Korea, contributed an article about North Korea’s current economy and political stance regarding international sanctions, COVID-19, and natural disasters.

In his article, Dr. Seliger notes that North Korea’s current economy is not what it used to be in the past describing its economic progress as relatively “impressive” and “showed a clear direction.” In 2020, however, North Korea’s economic crisis became severe after the clash of three disasters: strengthened sanctions, Coronavirus, and natural disasters. Although North Korea has been pursuing the “self-reliance” campaign, the recent shut-down of its border has drastically brought negative impacts. As the radical isolation brought adverse results to North Korea, Dr. Seliger questions the future decisions of Kim Jong-Un on whether he will open or close down the market economy.


The KORUM magazine is a quarterly publication of the KGCCI providing information on Korea's economy, markets, companies, technologies as well as on tax, legal or intercultural topics. You can visit the KGCCI website here and the whole article can be accessed here.