Podcasts Government Asia's Developing Future Democratic People's Republic of Korea could become a market economy in 20 to 25 years

Democratic People's Republic of Korea could become a market economy in 20 to 25 years

Published: Aug. 8, 2018, midnight

The People\u2019s Republic of China\u2019s integration into the global economy and East and West Germany\u2019s reunification show the Democratic People's Republic of Korea \u2014 or the DPRK \u2014 how it might become a market economy within 20 to 25 years.\n\nNaoyuki Yoshino, dean of the Asian Development Bank Institute, told the Foreign Correspondents Club of Japan that the DPRK could also look to the success of other Asian countries in using domestic savings to kick-start growth. Other key ingredients for a successful transition would be infrastructure development, education and training, as well as the promotion of student and worker exchanges between the DPRK and other countries.\n\nThe country could start with a postal savings network similar to those used in Japan and China, which would help start the process of building a financial system. From that, insurance and pension funds could be developed. The money that was deposited could be used for economic development.\n\nRead the transcript\t\nhttps://bit.ly/2vK8AZH\n\nAbout the speaker\nNaoyuki Yoshino is dean of the Asian Development Bank Institute.\n\nKnow more about ADBI\u2019s work\nhttps://bit.ly/2vIYRmw\nhttps://bit.ly/2vIZ3lK