North Korea is allegedly richer than ever

North Korea is an economic success story that no one expected, reported The Wall Street Journal.

Kim Jong-unin the administration closed North Korea’s borders during the corona pandemic, but now, according to the WSJ, selected visitors, such as Russian and Western tourists and diplomats, have been allowed back into the country. Also the leader of China Xi Jinping made his first trip abroad in years to North Korea recently.

Visitors describe the country’s capital Pyongyang as unrecognizable. In the city’s restaurants, you can pay with a smartphone using a qr code, the number of electric cars in the street scene has grown considerably, and new Internet gaming cafes have also opened in the city, say the sources interviewed by the WSJ.

According to the WSJ, North Korea is undergoing a nationwide construction boom and last year 10,000 new homes were built in Pyongyang.

According to figures from South Korea’s central bank, North Korea’s economy will grow by 3.7 percent in 2024, which was the fastest pace in eight years, reports the WSJ. At the South Korean central bank, growth is believed to have continued.

A researcher at the University of California, USA, who has studied North Korea’s economy for decades Stephen Haggardin according to the WSJ, North Korea’s economic position is at its strongest since Kim Jong-un came to power.

“This is an incredible achievement for such a poor country,” Haggard describes to the magazine.

North Korea’s economic growth can also be seen in satellite images, and the country shines about three times brighter at night than it did five years ago, reports the WSJ.

Friends to help

However, the wild economic development has not taken place in a vacuum. The arms trade to support Russia in the war in Ukraine has brought the country billions of dollars, according to WSJ sources. Trade with China is also hot, and many Chinese brands advertise their business in North Korea in violation of international sanctions.

According to the WSJ, one of the sources of income for the Kim Jong-un regime is also an army of cyber thieves. Many North Korean cybercriminals operate from China, because there is a freer connection to the internet there. With the help of cyberthieves, the North Korean administration has collected billions of dollars for itself, reports the WSJ.

Both Russia and China have demanded the easing of sanctions against North Korea. According to the WSJ, the ruler of North Korea has actively sought to expand his circle of friends, and last fall he visited a Chinese military parade with about twenty other state leaders.

In March, Kim also hosted the president of Belarus in North Korea Alexander Lukashenko visit, during which the leaders of the countries signed a mutual friendship agreement, reports WSJ.