# North Korea Set For A Slow Recovery In 2022 – Thailand PR News

- Link: https://www.thailand-business-news.com/thailand-prnews/north-korea-set-for-a-slow-recovery-in-2022-thailand-pr-news
- Published: 2022-11-21T20:06:39+07:00
- Author: Thailand PR News

**Key View**

 * We at Fitch Solutions expect North Korea to grow by 1.0% in 2022 and 1.0% in 
   2023 following two full years of contraction in 2020 (-4.5%) and 2021 (-0.1%).
 * North Korea’s recovery in 2022 and 2023 will be mostly contingent upon greater
   trade with neighbouring China – the country’s main trading partner.
 * The country is still suffering from the Covid-19 pandemic and it remains among
   the very few countries in the world where a vaccination programme has not started.
   This makes it more vulnerable to isolation over the coming months.

**We at Fitch Solutions expect North Korea’s economy to average 1.0% growth over
2022 and 2023. **This will be a recovery from two consecutive years of negative 
growth in 2020 and 2021 and indeed stronger than the decade average decline of 0.4%
posted by the economy between 2011 and 2021. Our view is contingent upon the country
opening its borders to China – North Korea’s largest and only trading partner – 
and as such, the risks to our forecasts are weighed to the downside especially since,
North Korea continues to reportedly face challenges due to the Covid-19 pandemic.

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