The North Korean economy was driven to the proverbial brink in 2020 by the Covid-19 crisis and escalating fallout from the stronger sanctions since 2016. At the beginning of the year, the regime sealed off its borders to China and Russia in an effort to ward off the virus, and did not reopen them until the following year. Inevitably, overseas trade was brought to a near collapse as transactions with China plummeted by 80% year-on-year. It is easy to estimate how dire the situation was in 2020 when we consider the fact that North Korea’s trade with China was already at a mere 50% of the previous year in 2019.

Preface
Contributor

CHAPTER 1
North Korea’s Economic Crisis, How Far will it Go?

CHAPTER 2
North Korea’s Fiscal Shock : What are the Economic Implications?

CHAPTER 3
Impacts of COVID-19 on North Korea’s Trade

CHAPTER 4
The North Korean Economy based on the Market Price and FX Rate

Statistical Appendix