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Economy of North Korea. All values, unless otherwise stated, are in US dollars. The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. [ 9][ 10] As of 2024, North Korea continues its basic adherence to a centralized planned economy.
North Korea's economy contracted by 0.2% in 2022, 0.1% in 2021 and 4.5% in 2020 amid COVID restrictions and U.N. sanctions. During the pandemic, humanitarian groups raised concerns about food ...
Post-war North Korea benefited greatly from economic aid and expertise provided by other Eastern Bloc countries. However, Kim Il Sung, North Korea's first leader, promoted his personal philosophy of Juche as the state ideology. Pyongyang's international isolation sharply accelerated from the 1980s onwards as the Cold War came to an end.
The North Korean economic reform refers to the program of reform and restructuring of the North Korean economy. Economic reforms have been increasing in the last years, particularly after Kim Jong Un came to power in 2012. [1] [2]
The North Korean economy was undermined and its industrial output began to decline in 1990. Deprived of industrial inputs, including fertilizers, pesticides, and electricity for irrigation, agricultural output also started to decrease even before North Korea had a series of natural disasters in the mid-1990s. This evolution, combined with a ...
The economy of South Korea is a highly developed mixed economy. [ 20][ 21][ 22] By nominal GDP, the economy was worth ₩2.24 quadrillion (US$1.72 trillion). It has the 4th largest economy in Asia and the 14th largest in the world as of 2024. [ 3]
The exclusive economic zone of North Korea stretches 200 nautical miles from its basepoints in both the Yellow Sea and the Sea of Japan. [1] The exclusive economic zone (EEZ) was declared in 1977 after North Korea had contested the validity of the Northern Limit Lines (NLL) set up after the Korean War as maritime borders.
The Rason Special Economic Zone, earlier called the Rajin-Sonbong Economic Special Zone, [ 1] was established by the North Korean government at Rason, bordering China and Russia, in 1991 to promote economic growth through foreign investment. [ 2] It is similar to the special economic zones of China and elsewhere, set up to pilot market ...