The current economic situation in North Korea is bleak. The DPRK’s self-induced COVID-19 restrictions have shrunk its trade with the outside world to minuscule levels, strained its money supply, pushed inflation upward and led to even greater food scarcity, compounding pressure from international sanctions already in place.
Despite this, North Korea has not signaled that it intends to denuclearize to obtain sanctions relief and prop up its struggling economy, according to former U.K. Ambassador to Pyongyang Alastair Morgan.
The current economic situation in North Korea is bleak. The DPRK’s self-induced COVID-19 restrictions have shrunk its trade with the outside world to minuscule levels, strained its money supply, pushed inflation upward and led to even greater food scarcity, compounding pressure from international sanctions already in place.
Despite this, North Korea has not signaled that it intends to denuclearize to obtain sanctions relief and prop up its struggling economy, according to former U.K. Ambassador to Pyongyang Alastair Morgan.
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