North Korea economy suffers after typhoon Maysak

Typhoon Maysak wrecks North Korea, affecting the economy more. North Korean leader Kim Jong Un thinks about new economic plans.

According to National Post, North Korea faced the 9th typhoon for this season, Typhoon Maysak, which caused a lot of damage, including the destruction of around 2000 houses, public roads, and buildings, which led to the collapse of 59 bridges.

Kim Jong Un stated that he would reconsider how to follow through on year-end projects as the country recovers from torrential rains and floods caused by one of the wettest rainy seasons on record.

Other issues faced by North Korea

The typhoon has made Kim Jong Un reconsider his projects and plans for the year, causing mass destruction and unexpected damage.

“We are faced with a situation in which we cannot help but change the direction of our struggle after comprehensively considering the year-end tasks underway with the nationwide efforts,” Kim was quoted as saying.

North Korea’s economy is already facing several issues owing to the coronavirus and sanctions. Although the country has not reported any coronavirus case, it still has implemented lockdowns and ordered quarantine. This has led to the stopping of international travel to and from the nation, affecting trade and business.

A major event planned was the opening of the Pyongyang Hospital, whose work had come to a halt because of the sanctions that led to problems while procuring materials from oversees and limited access to hard currency.

Effects on the economy

Even before the typhoon hit the country, the nation’s economy was not doing well, given the sanctions for the nuclear and missile tests in 2017.

Another major cause is the coronavirus pandemic because of which the nation sealed its borders resulting in loss of international trade, which hugely affected the economy.

A weaker economy could decrease Kim’s leverage in nuclear negotiations that started with U.S. President Donald Trump in 2018, making it more difficult for him to achieve the sanctions relief he wanted to scale back his nuclear weapons program.

While the problems are unlikely to pose a threat to Kim’s rule, North Korea will need to make significant domestic and foreign policy changes. Or policies to improve steadily worsening living conditions, growing economic problems, and a declining humanitarian situation in the next year or two, Zee News reported.

There is food insecurity, and 40% of the population is underweight, as reported by the World Food Program. And now with the typhoon, the crop harvest would also be majorly affected, worsening the already poor conditions.

Image courtesy of Ryan DeBerardinis/Shutterstock

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