The year 2024 marked a pivotal moment in North Korea’s economic trajectory, defined by significant internal and external shifts. Domestically, the regime intensified its consolidation of control over economic governance, placing renewed emphasis on the Cabinet-centered system. This shift signaled a strategic departure from the semi-decentralized and informal mechanisms that had previously supported macroeconomic stability during the early years of Kim Jong Un’s leadership. Externally, North Korea’s growing military and economic cooperation with Russia opened new channels for sanctioned trade―particularly in the defense sector―while its economic engagement with China showed signs of stagnation, suggesting a potential recalibration of longstanding external dependencies.

Preface

CHAPTER 1
Evaluation of the North Korean Economy in 2024 and Prospects for 2025

CHAPTER 2
Assessment and Outlook of North Korea’s External Economy in 2024

CHAPTER 3
Assessment and Outlook of North Korea’s Domestic Economy in 2024

Statistical Appendix
Statistical Data on Economic Trends in North Korea