SEOUL, May 14 (Xinhua) -- The Democratic People's Republic of Korea (DPRK)'s expanded opening-up will increase its economic welfare, a South Korean central bank report said Monday.
According to the Bank of Korea (BOK) report, if the DPRK's opening-up is expanded in the denuclearization process, the country's economic welfare is expected to be increased through eased international sanctions and resumed inter-Korean economic cooperation.
The report said the DPRK's economic welfare, caused by its opening-up, showed an overall growth since 1996, but it noted that the growth in recent years turned downward due to international sanctions on Pyongyang over its nuclear and missile programs.
The tougher sanctions on the DPRK blocked its exports, so its economic welfare would inevitably fall if the sanctions continue, according to the report.
The report expected the denuclearization process to ease sanctions and boost inter-Korean economic cooperation, which would help expand the DPRK's opening-up and increase its economic welfare.