Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

N. Korea to convene parliament as economic woes cause strain

Published 08/25/2021, 07:42 PM
Updated 08/25/2021, 07:46 PM
© Reuters. FILE PHOTO: General view of the 14th Supreme People's Assembly of the Democratic People's Republic of Korea held at the Mansudae Assembly Hall in Pyongyang April 11, 2019 photo released on April 12, 2019 by North Korea's Korean Central News Agency (KCNA).

SEOUL (Reuters) - North Korea's Supreme People's Assembly (SPA), the isolated state's rubber-stamp parliament, will meet on Sept. 28 to discuss economic policy and other issues, state media reported on Thursday, as the country faces mounting economic crises.

On the agenda are "modification and supplementation" of the national economic plan, as well as laws related to city and country development, education and recycling, KCNA news agency reported.

The North's parliament rarely meets and usually serves to approve decisions on issues such as governing structures and budgets that have been created by the state's powerful Workers' Party, members of which form the vast majority of the assembly.

The decision to convene the parliament came at a plenary meeting of the SPA's standing committee on Tuesday, KCNA said.

North Korea's economy suffered its biggest contraction in 23 years in 2020 as it was battered by continued U.N. sanctions, COVID-19 lockdown measures and bad weather, South Korea's central bank has estimated.

© Reuters. FILE PHOTO: General view of the 14th Supreme People's Assembly of the Democratic People's Republic of Korea held at the Mansudae Assembly Hall in Pyongyang April 11, 2019 photo released on April 12, 2019 by North Korea's Korean Central News Agency (KCNA).

North Korea has not confirmed any COVID-19 cases, but closed borders and imposed strict prevention measures, seeing the pandemic as a matter of national survival.

In June, leader Kim Jong Un said the country faced a "tense" food situation, citing the pandemic and last year's typhoons. This summer has seen another round of damaging storms, raising concerns that the harvest could be affected.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.