In many respects, 2025 can be understood as a year of transition for the North Korean economy. Rather than marking a decisive break from previous trends, the year reflected the authorities’ efforts to stabilize the gains achieved during the recovery period while simultaneously preparing the foundation for a new stage of economic development beyond the current Five-Year Plan. Although signs of improvement became increasingly visible in selected sectors of the official economy, important questions remain regarding the sustainability, scope, and structural implications of this recovery.

Preface

CHAPTER 1
The North Korean Economy at a Crossroads

CHAPTER 2
Assessment and Outlook forNorth Korea’s Market Exchange Rates andPrices in 2025

CHAPTER 3
North KoreaChina andNorth KoreaRussia Trade in 2025

CHAPTER 4
Assessment of North Korea’s Industrial Sectorin 2025 and Outlook for 2026

CHAPTER 5
Food and Agriculture in North Korea

Statistical Appendix
Statistical Data on Economic Trendsin North Korea