Pyongyang: North Korean dictator Kim Jong Un has admitted that he made a mistake in building the country’s economy. Kim allegedly made the remarks at a Workers’ Party leadership meeting. The party is meeting for the eighth time in the history of North Korea. Korean news agency KCNA reported that the party congress meeting in the capital Poniag began on Tuesday. Although Kim made it clear that the party and the people had made considerable progress, Kim said that there were mistakes in the implementation of the Five-Year Plan for National Economic Development. North Korea abandoned the project last year due to a severe financial crisis.

The crisis of Kovid put the country in financial crisis. To overcome the crisis, North Korea closed embassies in several countries and cut down the workforce. Trade with China also declined. But North Korea says that Kovid has not yet been reported in the country and summer floods have made the situation worse.