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Facing Economic Woes, North Korea Admits Failure, Mulls Future

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Facing Economic Woes, North Korea Admits Failure, Mulls Future

Economic Woes: North Korean leader Kim Jong-un gave an interview regarding the recent economic failures. In this multi-day political gathering, Kim addressed thousands of hermetically packed delegates at an auditorium in Pyongyang.

As of the source, he declared that his country had some goals to set out in economic plans. Moreover, it set out to plan those economic plans to complete in a five-year period. But, it had not fulfilled those goals during that period.

According to Kim’s statement, the North Korean government has set goals that were extremely slow in almost all areas. Moreover, the last five-year remained unique of the worst for North Korea, Kim added.

Kim said that North Korea should try to strengthen the power and self-reliant capacity of the country.

What are the economic problems of North Korea?

According to the news, the economy of North Korea had already been held back by international sanctions over its nuclear program. Although, a series of disastrous recent floods, as well as strict COVID measures, vastly aggravated the condition.

As per the expert estimation, in 2020, North Korea may have to contract by at most trivial 8.05% in the economy.

During the early stage of the COVID pandemic, North Korea has closed its border to the Chain. This is the biggest trading partner and economic lifeline before the COVID Pandemic.

According to the international trading association, there had a big drop occurred in trading between the two countries due to the spread of coronavirus cases. As per the source, it leads nearly 80% drop. Moreover, inside Pyongyang, a health worker sprays the store preceding opening for business on December 28th, 2020.

Supply Shortage:

On the other hand, the new channels are focusing on North Korea. On Tuesday, the news channels reported that significant and ongoing food shortages in Pyongyang, especially at grocery stores visited by the country’s best.

A source said that the regular usage of groceries like Sugar, Cooking oil, and Toothpaste are completely left from the supermarket. Moreover, the vegetables and fresh fruits sold at over 5 times the usual cost.

However, the leader of North Korea added that despite coronavirus restrictions, no one in North Korea has tested positive for the COVID. Further, this is the only country at risk of a disease outbreak. Moreover, the world’s poorest country has outdated medical infrastructure.

According to the reports, North Korea has submitted an application to Gavi for receiving the COVID vaccines. Because Gavi arranges global vaccination campaigns in lower-income countries.

Economic Woes-Acknowledging failure?

It was not the first time for Kim to let policy failures, especially on the economy.

In August the Central Committee of the workers’ party confirmed plans to improve the economy has been severely delayed by strict internal and external situations.

On the other hand, in recent years, Kim has strived to convey a more modest man of the people persona than that of his father, former North Korean leader Kim Jong ll.

Further Move:

According to the reports,  North Korea has often measured major tests along with ballistic missiles or nuclear weapons. Besides, around the US presidential transitions to prove its military abilities and probably gain support in future colloquies with Washington.

In October, North Korea utilized a military motorcade to uncover a gigantic new intercontinental ballistic rocket. It seems intended to overpower US rocket safeguards. Some speculate Pyongyang may test the rocket or different weapons frameworks in the coming months.

In last year, North Korea unilaterally raised tensions with the south, a bitter defeat for many in Seoul. South Korean President Moon Jae-in, whose five-year official term finishes in May 2022, has set a high need for improving Korean ties.

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