Abstract
The North Korean Supreme People’s Assembly session took place this Sunday. Here are the main takeaways:
-North Korea’s economy remains inward-oriented. Neither a major crisis nor a major economic breakthrough was reported.
-The term “sanctions” did not appear a single time in the report, reflecting the official, defiant position towards that issue; nevertheless, they seem to have contributed to a greater availability of mineral resources for domestic use.
-Grain production has supposedly increased strongly, allowing the state to shift the focus of its agricultural policy towards a more diverse diet.
-The COVID-19 pandemic did have an impact on North Korea’s economy, although it is still claimed that the country does not have a single infection.
-Self-criticism appears in both reports, including the ominous admission of “some drawbacks in executing the state budget.”
-If we use budgetary revenue as a proxy, the North Korean economy in 2019 grew moderately, but more strongly than in 2017 and 2018.
-Economic planners seem to be cautiously optimistic about the prospects for the development of the economy in 2020; however, the report presents no evidence about which sector or factor is the cause of this optimism.
-North Korea’s economy remains inward-oriented. Neither a major crisis nor a major economic breakthrough was reported.
-The term “sanctions” did not appear a single time in the report, reflecting the official, defiant position towards that issue; nevertheless, they seem to have contributed to a greater availability of mineral resources for domestic use.
-Grain production has supposedly increased strongly, allowing the state to shift the focus of its agricultural policy towards a more diverse diet.
-The COVID-19 pandemic did have an impact on North Korea’s economy, although it is still claimed that the country does not have a single infection.
-Self-criticism appears in both reports, including the ominous admission of “some drawbacks in executing the state budget.”
-If we use budgetary revenue as a proxy, the North Korean economy in 2019 grew moderately, but more strongly than in 2017 and 2018.
-Economic planners seem to be cautiously optimistic about the prospects for the development of the economy in 2020; however, the report presents no evidence about which sector or factor is the cause of this optimism.
| Original language | English |
|---|---|
| Journal | 38 North |
| Publication status | Published - 13 Apr 2020 |
Austrian Fields of Science 2012
- 502027 Political economy
Keywords
- North Korea
- North Korea Political Economy
- Supreme People's Assembly
- Domestic Economy
