North Korea’s economy contracted again in 2021

By: News Team

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North Korea's economy contracted again in 2021

North Korea’s economy contracted in 2021 by 0.1%, according to the South Korean Bureau of Statistics, which attributes that evolution to the sanctions on Pyongyang and the impact of the pandemic.

This calculation published today thus points to the second consecutive decline of the economy of the neighboring country, although much smaller than the contraction of 4.5% estimated for 2020.

The impoverished Asian country is subject to United Nations sanctions for its nuclear and long-range ballistic missile programs, to which has been added the total shielding of its borders applied by the regime since the beginning of the global health crisis of the coronavirus.

This has prevented not only the entry and exit of goods from the country, but also the arrival of vital income such as those generated by tourism or foreign investment, both coming mostly from China, the main supporter of Kim Jong-un’s regime.

North Korea’s foreign trade fell by 17.3% in 2021 to a volume of 710 million dollars, mainly due to its exchanges with Beijing being held back by the aforementioned restrictions.

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