North Korea's GDP Contracts in Fourth Quarter of 2022
0.20 Percent Decrease Over Previous Quarter
Economic Growth Declines Due to Sanctions and COVID-19
North Korea's gross domestic product (GDP) contracted by 0.20 percent in the fourth quarter of 2022, marking a significant decline from the previous quarter.
This decrease is largely attributed to the country's ongoing economic sanctions and the impact of the COVID-19 pandemic. The sanctions have severely restricted North Korea's trade and investment, while the pandemic has disrupted global supply chains and led to border closures.
The contraction in GDP growth is a worrying sign for North Korea, as it is indicative of a weakening economy. The country's GDP growth rate for 2022 as a whole was 0.00 percent, a sharp decline from the 2.8 percent growth rate in 2021.
Experts predict that North Korea's economic outlook remains uncertain. The sanctions are likely to remain in place for the foreseeable future, and the long-term impact of COVID-19 is still unknown.
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