Millennium Post

N Korea's leader acknowledges economic shortfalls

Seoul: With unusual candour, North Korean leader Kim Jong Un acknowledged his plans to improve the country's dismal economy aren't succeeding as his ruling party scheduled a rare congress in January to set development goals for the next five years. The Workers' Party said North Korea's economy has not improved in the face of the sustaining severe internal and external situations" a reference to a triple blow of US-led sanctions, the Coronavirus pandemic and devastating floods and that development goals have been seriously delayed and the people's living standard (has) not been improved remarkably.

Kim announced his first five-year development plan with goals of improving North Korea's power supply and agricultural and manufacturing production during the last Workers' Party congress in 2016, its first in 36 years. But at Wednesday's meeting of the party's decision-making Central Committee, Kim acknowledged economic shortcomings" caused by unexpected and inevitable challenges in various aspects and the situation in the region surrounding the Korean Peninsula, the North's official Korean Central News Agency reported Thursday.

Experts say the Coronavirus derailed some of Kim's major economic goals after North Korea imposed a lockdown that significantly reduced trade with China its major ally and economic lifeline and likely hampered its ability to mobilise its workforce.

In a closed-door briefing to South Korean lawmakers on Thursday, Seoul's spy agency said the stress of managing state affairs had caused Kim to recently delegate some of his powers to a select group of senior officials, including his sister Kim Yo Jong, who is now chiefly involved in shaping policies toward Washington and Seoul.

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