Kim Jong Un Calls for ‘80-Day Battle’ to Boost North Korea Economy
(Bloomberg) -- North Korea launched its first productivity campaign in four years to funnel workers and resources to major projects in a bid to revive an economy walloped by sanctions and flooding from typhoons.
Leader Kim Jong Un called for an “80-day battle” at a Politburo meeting of his ruling Workers' Party, its official Korean Central News Agency reported on Tuesday. “We still face the challenges that cannot be overlooked and there are many goals we have to attain within this year,” a report from the meeting said.
Kim last issued a similar call in 2016 to finish up projects before a Party Congress, according to NK News. North Korea's latest campaign is aimed at completing projects in time for the rare political gathering in January of the next Party Congress, when Kim's regime is expected to lay out a new five-year plan for the economy and revamp its leadership lineup.
This year North Korea is heading toward its biggest economic contraction since 1997, according to Fitch Solutions, as the coronavirus led to border closures and flooding destroyed large swathes of crops. Kim issued a rare warning for North Korea's economy in August, telling party leaders that his country “faced unexpected and inevitable challenges in various aspects,” adding his development goals had been “seriously delayed.”
The productivity campaigns allow North Korea to divert resources and personnel to what its leaders see as top-priority projects, offering quick fixes for an economy facing shortages of oil, building materials and cash due to sanctions related to its nuclear weapons program. In recent months, Kim has lashed out at cadres over what he saw as lax virus management and blasted the people responsible constructing his showcase Pyongyang General Hospital, saying they were flouting party policies and being “careless” with spending.
| For more on North Korea: |
|---|
During the Politburo meeting on Monday, vice chairman of the Central Committee of the Workers' Party Ri Pyong Chol, and chief of the General Staff of the Korean People's Army Pak Jong Chon were promoted to marshals of the KPA, according to KCNA.
North Korea on Saturday is set for major festivities to celebrate the 75th anniversary of its ruling Workers' Party. Satellite images indicate that Kim is preparing for a military parade, which he has used before to show off his latest missiles.
This time North Korea watchers are looking for an intercontinental ballistic missile that incorporates solid-fuel technology, which would be quicker to deploy and launch than the current liquid-fuel models. That would give the U.S. less time to take it out on the pad or intercept the rocket in the air.
©2020 Bloomberg L.P.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.