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Facing Economic Woes, North Korea Admits Failure, Mulls Future

William Gallo

   North Korea has opened a major, multi-day political gathering in the
   capital, Pyongyang, with leader Kim Jong Un using the forum to
   acknowledge recent economic failures.

   Addressing thousands of tightly packed delegates at an auditorium in
   Pyongyang, Kim admitted his country had not reached the goals set out
   in an economic plan for the five-year period that just expired.

   "The goals we set were immensely underachieved in almost all areas,"
   Kim said in an opening speech at the eighth congress of the ruling
   Workers' Party, according to state media.

   The last five years, Kim said, were "unprecedented" and "the worst of
   the worst" for North Korea. In response, he said the country should
   "strengthen our own power and our own self-reliant capacity."

   Pictures posted by the official Korean Central News Agency showed
   thousands of participants seated close together in a large hall, with
   no observable social distancing measures. No one appeared to be wearing
   masks.

   It is only the second time Kim has convened a party congress since he
   took power in December 2011. This year's gathering, which is expected
   to set North Korea's policy goals for the next five years, comes at one
   of the most challenging times of Kim's rule.

   Economic problems

   North Korea's economy had already been held back by international
   sanctions over its nuclear program, but a series of devastating recent
   floods as well as strict coronavirus measures dramatically worsened the
   situation.

   Overall, North Korea's economy may have contracted by at least 8.5% in
   2020, according to an estimate by Fitch Solutions.

   One big reason: North Korea closed its border with China, its biggest
   trading partner and economic lifeline, last January, shortly after news
   of the coronavirus emerged. That helped lead to an 80% drop in trade
   between the two countries, according to the Korea International Trade
   Association.

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