North Korean economy sees sharpest decline in 20 years as sanctions bite

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Strict sanctions saw GDP fall by an estimated 3.5% in North Korea in 2017

North Korea’s economy contracted at the sharpest rate in two decades in 2017, according to estimates from South Korea’s central bank, in a clear sign international sanctions imposed to stop Pyongyang’s nuclear and missile programmes have hit growth hard.

Gross domestic product (GDP) in North Korea last year fell 3.5% from the previous year, marking the biggest contraction since a 6.5% drop in 1997 when the isolated nation was going through a devastating famine, the Bank of Korea said.

Related: Donald Trump says there is ‘no time limit’ for North Korea to denuclearise

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Source: north-korea
Link : North Korean economy sees sharpest decline in 20 years as sanctions bite

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