GDP comparison between South and North Korea 2010-2021
In 2021, South Korea's nominal gross domestic product (GDP) amounted to around 2,071 trillion South Korean won, compared to that of North Korea which was approximately 35.89 trillion South Korean won. With this, South Korea’s nominal GDP was around 57 times greater than that of North Korea. South Korea's nominal GDP has increased continuously over the past decade. North Korea’s increased as well, but North Korea's GDP growth has been comparatively minimal.
Economic growth in South and North Korea
After the division of Korea and the subsequent Korean War, which ended with an armistice in 1953, North Korea for the time being had the edge in economic and industrial power. The heavy industry and power generation were in what became North Korea. Yet it was South Korea that succeeded in developing its industries and economies to become one of the biggest economies in the world. While international sanctions against North Korea made exports more difficult, the gap between South and North Korean GDP has widened steadily in the past decades.
Kaeseong Industrial Complex
The Kaeseong Industrial Complex was established in 2000 as part of South Korea’s cross-border collaboration efforts to soften North Korea’s hostile and aggressive attitude towards South Korea, and possibly open up deeper relations between the two Koreas. South Korea would provide the capital and businesses that set up in the complex would get cheap products of good quality, while North Korea and the locals would get work and pay. Unfortunately, the complex was also affected by tensions between the two Koreas and shut down in 2016, and has not been reopened since. As of 2015, the complex’s production value amounted to approximately 563.3 million U.S. dollars.
Economic growth in South and North Korea
After the division of Korea and the subsequent Korean War, which ended with an armistice in 1953, North Korea for the time being had the edge in economic and industrial power. The heavy industry and power generation were in what became North Korea. Yet it was South Korea that succeeded in developing its industries and economies to become one of the biggest economies in the world. While international sanctions against North Korea made exports more difficult, the gap between South and North Korean GDP has widened steadily in the past decades.
Kaeseong Industrial Complex
The Kaeseong Industrial Complex was established in 2000 as part of South Korea’s cross-border collaboration efforts to soften North Korea’s hostile and aggressive attitude towards South Korea, and possibly open up deeper relations between the two Koreas. South Korea would provide the capital and businesses that set up in the complex would get cheap products of good quality, while North Korea and the locals would get work and pay. Unfortunately, the complex was also affected by tensions between the two Koreas and shut down in 2016, and has not been reopened since. As of 2015, the complex’s production value amounted to approximately 563.3 million U.S. dollars.
