Image Credit – Times Of India


Kim Jong Un, the leader of North Korea, has admitted to the fact that there has been a lot of mistakes in developing the economy of the country. He also went on to open a rare congress for the party of the ruling workers according to reports by the state media on Wednesday.

This is a gathering that is a first of its kind in five years and it is the eighth time it has been held in the history of nuclear-armed North Korea and the developments come weeks before the elected US President takes over office.

There has been a deadlock in relations with Washington as the talks between President Donald Trump and Kim was stalled because Kim spoke about sanctions relief and this is what Pyongyang is willing to give up in the bargain.

But North Korea is very much isolated at this juncture more than ever before after the borders of the country was closed in January and protected itself against the upsurge of the coronavirus that emerged first in China, who is North Korea’s neighbor and also a key ally.

In the capital of Pyongyang, on Tuesday, the congress opened and it has been officially reported by the Korean Central News Agency.

During his work review on the first day, Kim went on to say that the party and the people have achieved shining success according to KCNA and also further added he is also going to analyze the mistakes that have manifested and there are major efforts that have been put in for implementing a strategy for five years for the national economic development.

North Korea has gone through chronic mismanagement of the economy and quietly the plan has been scrapped last year and there was a party meeting in August that concluded the fact that there are goals that are set for improving the national economy that has been delayed seriously so far.

The coronavirus pandemic has added a lot to the pressures as Pyongyang has blocked itself and it is even more effective than one of the most hawkish backers of the sanctions that are never hoped to be achieved.

The trade that happens between North Korea and China is a very small fraction of the usual amount of trade as many of the foreign embassies have drastically reduced and closed their representations.

It is insisted by Pyongyang that there was no single case of the coronavirus disease and the claim has been doubted by survivors but the further strain on the finances has been put by the summer floods.

According to analysts, the focus of the congress is largely on domestic issues and it has reaffirmed the importance of issuing a brand new economic plan and also self-reliance.

Rodong Sinmun, the ruling party newspaper, on Sunday has called for unwavering loyalty to Kim Jong Un and said that the united spirit is very necessary for ensuring a victorious year.

Rafael Schneider

Rafael Schneider : Reporter I am Rafael Schneider and I focus on breaking news stories and ensuring we (“World Front News”) offer timely reporting on some of the most recent stories released through market wires about Sector companies. I have formerly spent over 6 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full-time basis for specializing in quicker moving active shares with a short-term view on investment opportunities, and also covers the latest news, and trends. Address:  3817 Daylene Drive Pontiac, MI 48342 Phone:  (+1)- 734-577-2738 Email:  [email protected]