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In the context of sanctions imposed by the West on the Pyongyang nuclear program, the country's economy contracted by 3.5% in 2017 and analysts expect the decline to be even more pronounced this year, CNN note
The Pyongyang regime does not publicly announce the figures of economic growth, but South Korea, since 1991, an estimate of the GDP of the neighboring country
The economic results of the Last year show a significant decline from the increase of 3.9% in 2016, being the lowest since 1997, when in the worst year D after Seoul estimates, Korea's North saw an economic decline of 6.5%, while exports North Korea decreased by 40% last year to reach $ 1.8 billion. Asian countries export products such as charcoal, iron ore and textiles. The central bank of South Korea also estimates that the average annual income in the neighboring country was only 5% of that of South Korea.
Some analysts believe that the situation will continue to worsen in 2018. For example, economist Kim Byung-yeon of the Seoul National University expects a drop of 5 This year if the sanctions are fully applied
Last year, as a result of repeated nuclear tests conducted by leader Kim Jong-un, the United States filed more resolutions against North Korea in Security Council of the UN. UN sanctions targeted the country's exports of coal, iron ore, textiles and seafood, as well as oil and gas supplies
The Trump administration also sought to eliminate North Korea's comprehensive financial ban, banning US banks from conducting financial transactions with this country.
China, North Korea's largest trading partner, claimed to have put sanctions in place, but some analysts are skeptical.
After a meeting with Kim Jong-o in Singapore last month, US President Donald Trump said sanctions would only be lifted when there was certainty that nuclear weapons would no longer be a threat, admitting that it could take a long time
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