Why Russia’s invasion of Ukraine has a limited impact on North Korea’s economy
Subsidized trade and depressed demand likely insulate the DPRK economy from food and oil price shocks — but not forever
The rise in food and oil prices resulting from Russia’s invasion of Ukraine is and will be felt most acutely in food insecure and heavily reliant countries.
But North Korea, despite fitting this profile, may be the exception to this global volatility. As the COVID-19 pandemic has demonstrated, crises abroad may not have the dramatic, visible impacts in the DPRK that some may assume.
The disruption to grain, crude oil and other economic inputs resulting from Russia’s invasion of Ukraine means the following for North Korea:The country has largely been deprived
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