The 12th Session of the 14th Supreme People’s Assembly (SPA) of North Korea was held over two days from January 22 to 23, 2025. This year, the attention of the outside world was focused on possible constitutional amendments related to the “two hostile states” doctrine and messages directed at the new U.S. administration under President Donald Trump, but no such information was forthcoming. Instead, discussions about economic affairs accounted for a significant proportion of the reports on the SPA, reflecting the increased emphasis placed on economic issues by North Korean authorities in the final year of the Five-Year Plan for National Economic Development (2021–2025).

Planned Budget for 2025: Revenue to Grow by 2%, Expenditure by 3.8% Economic Projects: Focusing Policy Capabilities on Completing the Five-Year Plan for National Economic Development (2021–2025) and Stimulating Domestic Demand Economic Management: Emphasis on the State’s Regulatory Control through the Informatization of Commerce