April 20, 2024
News

North Korean economy contracts for third straight year in 2022: Bank of Korea

Seoul estimates DPRK citizens earned average of $1.1K last year, about 30 times less than counterparts in South

North Korea’s economy contracted for the third straight year in 2022, according to a new Bank of Korea (BOK) report, in what appears to be a result of the DPRK’s ongoing COVID-19 border restrictions, international sanctions and the impact of severe weather.

The economic decline of 0.2% edged past the 0.1% slump in 2021 but was nowhere near the 4.5% drop recorded in 2020, when North Korea suffered its worst economic downturn since 1997 due to its self-imposed pandemic restrictions, the report released Friday shows.

Become a member for less than $4 per week.

  • Unlimited access to all of NK News: reporting, investigations, analysis
  • The NK News Daily Update, an email newsletter to keep you in the loop
  • Searchable archive of all content, photo galleries, special columns
  • Contact NK News reporters with tips or requests for reporting
Get unlimited access to all NK News content, including original reporting, investigations, and analyses by our team of DPRK experts.
Subscribe now

All major cards accepted. No commitments – you can cancel any time.