pcloudy.png
Saturday June 6th, 2020 10:48PM

Seoul: NKorea in worst economic contraction in 2 decades

By The Associated Press

SEOUL, South Korea (AP) — South Korea says North Korea has suffered its worst economic contraction in more than 20 years due to international sanctions and bad weather. The Seoul-based Bank of Korea said Friday that North Korea's economy shrank 4.1% last year from a year earlier. A bank statement said it's the North's second straight year of contraction and the worst performance since 1997, when the economy was estimated to have shrunk 6.5% in 1997.

The bank says its estimates are based on information provided by various South Korean government agencies.

U.N. sanctions on North Korea were toughened after North Korea conducted high-profile nuclear and missile tests in recent years. Experts say bad weather conditions like a prolonged drought and a heat wave last year have devastated the North's farm sector.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US government will execute inmates for first time since 2003
The Justice Department says it will carry out executions of federal death row inmates for the first time since 2003
2:17AM ( 29 minutes ago )
The Latest: Action on election security stalls in Congress
Senate Majority Leader Mitch McConnell is blocking election security bills in Congress, despite former special counsel Robert Mueller's warning that Russian interference is going on right now
2:15AM ( 30 minutes ago )
Renewed federal executions raise death penalty's 2020 stakes
The Justice Department's announcement that it will begin executing federal death row inmates for the first time since 2003 raises the political stakes of an issue that has rarely been one of strength for national Democrats
2:14AM ( 31 minutes ago )
Associated Press (AP)
Eversource will give up on Northern Pass after court defeat
The company behind a controversial hydropower project is abandoning it after suffering a defeat in the New Hampshire Supreme Court
1:04AM ( 1 hour ago )
Australia considers more regulation of Google and Facebook
The Australian government has released a report that recommends more regulation on the market power of multinational digital platforms including Google and Facebook
12:59AM ( 1 hour ago )
2020 tests if Dems can win enough black voters without Obama
The upcoming presidential campaign offers a critical test for Democrats of whether they can ever again rely on the multiracial coalition that helped propel Obama to the White House twice
12:38AM ( 2 hours ago )
AP Business
Stocks slide over disappointing earnings reports
U.S. stocks retreated from record highs as large companies delivered weak earnings reports and disappointing forecasts
5:24PM ( 9 hours ago )
US sanctions Maduro's stepsons for alleged food corruption
The U.S. is imposing sanctions on a Colombian businessman and three stepsons of Venezuelan President Nicolas Maduro for allegedly forming part of a network that stole hundreds of millions in dollars from food import contracts in the South American nation
4:35PM ( 10 hours ago )
Calif. skirts Trump, signs mileage deal with 4 automakers
Four major automakers have reached a deal with California to increase gas mileage and greenhouse gas emissions standards, bypassing the Trump administration's plan to freeze standards at 2021 levels
4:13PM ( 10 hours ago )
AP Business - Economy
US government will execute inmates for first time since 2003
The Justice Department says it will carry out executions of federal death row inmates for the first time since 2003
2:17AM ( 29 minutes ago )
The Latest: Action on election security stalls in Congress
Senate Majority Leader Mitch McConnell is blocking election security bills in Congress, despite former special counsel Robert Mueller's warning that Russian interference is going on right now
2:15AM ( 30 minutes ago )
Renewed federal executions raise death penalty's 2020 stakes
The Justice Department's announcement that it will begin executing federal death row inmates for the first time since 2003 raises the political stakes of an issue that has rarely been one of strength for national Democrats
2:14AM ( 31 minutes ago )
Mariners rookie Tim Lopes beaned in 1st major league start
Mariners second baseman Tim Lopes has been hit in the helmet by a pitch during his first major league start
1:46AM ( 59 minutes ago )
N. Korea says missile test was 'solemn warning' to S. Korea
North Korea says its latest missile test that included a new type of a tactical guided weapon was meant as a "solemn warning" to South Korea over its weapons development and plans to hold military exercises with the United States
1:35AM ( 1 hour ago )