South Korea's central bank or other reliable economic data sources

North Korea's Economy Grows 3.1% in 2023 After Three-Year Contraction, Fueled by Trade with China and Arms Transfers with Russia

Jul 26, 2024, 03:40 AM

North Korea's economy experienced a significant rebound in 2023, growing by 3.1% after three consecutive years of contraction, according to estimates from South Korea's central bank. This recovery is attributed to increased trade with China following the easing of COVID-19 pandemic border controls, as well as strengthened ties with Russia, which have bolstered Kim Jong Un's regime through arms transfers. The growth marks a notable shift for North Korea, allowing its leadership to enhance its military posture while sidelining diplomatic efforts with the United States and South Korea. The data reflects a broader trend of economic recovery in the region as North Korea navigates its post-pandemic landscape.