Recently, South Korean President Moon Jae-in announced that the country would form peace economy with its neighbor, North Korea.
The intention is to overthrow Japan’s economic position. Accordingly, Inter-Korean peace economy will believably boost Korea’s economy significantly.
“We must not stop at merely overcoming Japan’s trade retaliation, but proceed further to adopt an even wider perspective and summon an unshakeable resolve that will help us surpass the Japanese economy,” said the president at the meeting with his senior secretaries.
“The realization of a peace economy through inter-Korean economic cooperation will allow us to immediately catch up with Japan’s advantages.”
In short, this strategy is proposed following Japan-South Korea dispute over economy that began around July 2019. The dispute is, in addition, heavily affecting South Korea’s economy and smartphone industries.
Currently, Japan ranks top three in the world’s largest economy. However, President Moon believes that Inter-Korean peace economy would help to overthrow Japan’s economy superiority in “one burst.”
Also read: South Korea Suffers Surprise Negative Q1 Growth
On one hand, analysts and netizens are skeptical about this proposal. The reason being North Korea is considered poor and believably would not help much. Some also think that South Korea is getting desperate.
On the other hand, North Korea has not issued any official response to the proposed peace economy. This is due to North Korea’s Supreme Leader Kim Jong-Un is busy to deal with issues with the US.
With this in mind, there must be continuation of this peace economy. If this peace economy truly occurs, no one will know what will exactly happen although some already made speculation.
What Peace Economy is
Put simply, peace economy is an economic branch, specifically a strategy, to resolve conflict within and between societies. In addition, it focuses on the design of political, economic, social, and cultural institutions and their interacting policies.
Looking at the context, President Moon is trying to put aside any differences with North Korea to actualize superiority in Korea’s economy. This, of course, is under certain agreement and circumstances.
Although the result of Inter-Korean peace economy remains unknown, it will surely boost the economy. However, whether Korea is able to surpass Japan is a mystery.
Also read: Slowing Global Trade May Badly Hit Japan, South Korea, and Taiwan
