North Korea’s economy experienced a sharp rebound in 2023, with GDP expanding by 3.1%, its largest growth since 2016. This surge is attributed to eased COVID-19 restrictions, increased trade with China, and favorable weather conditions. The industrial sector, fueled by metal items and wig production, saw a 4.9% growth, the fastest in seven years. Construction also saw a significant 8.2% increase due to more housing projects. While the agricultural sector saw a modest 1.0% increase, concerns remain regarding food security. However, experts caution that the rebound might be temporary due to persisting economic sanctions. Despite the growth, North Korea’s per capita income remains significantly lower than South Korea’s, highlighting the vast economic disparity between the two nations.
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