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The economy of North Korea is going through the worst recession of the last two decades. Asia's gross domestic product fell 3.5% last year, marking the sharpest drop since the 6.5% drop in 1997, as the isolated country was hit by a devastating famine
. the National Bank of North Korea, this sharp decline in the economy is closely related to international sanctions imposed on Pyongyang nuclear programs. "/>
At the same time, the data show Industrial production, which accounts for about one third of the country's economy, fell by 8.5%, also marking the largest decline of the last 20 years. Factory production has collapsed due to restrictions on oil and other energy resources in the country.
Korean officials now say that industrial production is mainly affected by export bans. Last year North Korea exported nearly 40% less than in 2016. The agriculture sector also declined by 1.3% while construction declined slightly more of 4%. It's all the more worrisome as the economic recession comes at a time when analysts are pointing to North Korea's need to shift to economic development as a result of measures announced this year by leader Kim Jong Un .
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recession
economic crisis
North Korea
