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Macroeconomic Forecast North Korea

October 2005 | Macroeconomic Forecasts

North Korea continues to face desperate economic conditions. Better weather is likely to boost the rice harvest and ease food shortages this year, leading to a request from North Korea for the end of emergency food handouts. However, after years of under-investment in industry, with large-scale military spending eating up resources, the North remains reliant on international development assistance. The stability of the ruling regime has supported the implementation of various economic reform measures, but these have pushed up commodity prices and resulted in growing income inequality. Increased international trade offers some hope for recovery, but this runs contrary to the juche ideology of self-reliance favoured by the reclusive regime.

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