North Korea’s Evolving Market Policies: Balancing Control and Revenue Generation
North Korea is adapting its approach to markets, embracing a more flexible stance to meet economic demands amidst the endemic COVID-19 situation. Market policies differ across regions, with some areas restricting operations while others operate freely, even allowing street vendors with fees.
The government is now accepting applications for market stall registrations, aiming to generate revenue and promote larger business opportunities. However, many view this as a tactic for fund extraction by authorities, aligning with Kim Jong Un’s economic policy.
As the country strives for economic stability, the challenge remains in balancing control and economic growth in the market. A nuanced understanding of market dynamics is vital to improve living conditions for North Koreans within existing constraints.
This article is adapted from an article published on The Diplomat here.