Global RiskNews Briefs

North Korea’s Economy Hit Harder Than It Has Been in Decades

North Korea is faring worse economically than over the past several decades due to the effects of the Covid-19 pandemic. North Korea enacted harsh measures from the very beginning, seeking to halt the virus entirely before outbreaks got out of control. However, this dealt a brutal blow to its already struggling economy. Pyongyang was forced to shut down, yet its poor health care system left it vulnerable to the infectious virus.

Almost a year into the pandemic, the economic effects of lockdown measures have been realized. In North Korea, Pyongyang has locked down entire provinces, shut down foreign tourism, and limited exports and imports. Foreign tourism is one of the country’s only sources of outside income due to international sanctions. Trade with China has also suffered, dropping 75% in 2020 when compared to 2019.

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