North Korea's 2024 economic growth rate of 3.7%, making it one of the world's most surprising economic growth nations, was largely due to its close relationship with Russia and arms trade.
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Russia has severely crippled Ukraine's Odesa port, dealing a significant blow to the global grain market. Ukraine, a major exporter accounting for about 10% of the world's grain market, has seen 75% of its grain exports disrupted due to the incapacitation of the Odesa port. As a result, Ukraine's grain production has plummeted by 75% compared to the previous year.
According to Bank of Korea statistics for 2024, North Korea's economic growth rate reached 3.7%. This is an unusual figure, to the extent that the Wall Street Journal referred to North Korea as one of the world's most surprising economic growth nations. This growth is mainly achieved through North Korea exporting weapons to Russia and receiving economic support in return, or by dispatching labor to earn foreign currency. The Kim Jong Un regime is assessed to have secured more funds than ever before, and visible changes, such as improvements in Pyongyang's city nightscape, are also evident.
According to international sanctions against North Korea, the maximum amount of oil North Korea can import annually is 500,000 barrels. However, it has been observed that Russia has been supplying North Korea with 1.5 million barrels per year since 2024, which is three times the sanction limit. This large-scale oil supply plays a critical role in maintaining and expanding North Korea's economic activities, amplifying concerns about the undermining of international sanctions against the country.
Evidence suggests Russia is transferring advanced military technology to North Korea. In particular, Russia's 'Pantsir' mobile air defense system technology is reportedly being transferred to North Korea. Additionally, Russia's strong electronic warfare technology appears to be shared with North Korea. Through this, North Korea is gaining practical experience in modern warfare and is assessed to be emerging as one of the world's top six powers in drone warfare experience. Such technology transfer is expected to significantly contribute to strengthening North Korea's military capabilities.
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