South Korea’s central bank, the Bank of Korea (BOK), estimated on Friday that North Korea’s economy grew by 3.7 percent in 2024, its fastest rate of growth in eight years.
BOK analysts said much of this growth was due to North Korea’s deepening economic ties to Russia.
BOK said North Korea’s growth spurt is “mainly due to significant increases in manufacturing, construction, and mining industries, which were affected by strengthening of national policy projects domestically, and expansion of economic cooperation between North Korea and Russia externally.”
The North Korean economy was all but stagnant two years ago, but it grew by 3.1 percent in…
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