Economy of North Korea
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Economy of North Korea
kosovohp Wed Oct 20, 2010 1:11 am
North Korea has an industrialised, near-autarkic, highly centralized command economy. Of the five remaining Communist states in the world, North Korea is one of only two (along with Cuba) with an almost entirely government-planned, state-owned economy.
North Korea's isolation policy means that international trade is highly restricted. North Korea passed a law in 1984 allowing for foreign investment through joint ventures,[91] but failed to attract any significant investment. In 1991, it established the Rason Economic Special Zone,[92] in an attempt to attract foreign investment from China and Russia. Chinese and Russian companies have purchased rights to use the ports at Rason. Chinese investors are renovating a road from Rason to China,[93] and Russian railway workers are renovating the railway from Rason to Russia, from where it continues onto the Trans-Siberian Railway.[94]
Until 1998, the United Nations published HDI and GDP per capita figures for North Korea, which stood at a medium level of human development at 0.766 (ranked 75th) and a GDP per capita of $4,058.[95] The average salary is about $47 per month.[96] Despite substantial economic problems, quality of life is improving and wages are rising steadily.[97] Small-scale private markets, known as janmadang, exist throughout the country and provide the population with imported food and commodities ranging from cosmetics to motorcycles in exchange for money.[98][99]
Food rations, housing, healthcare, and education is offered from the state for free,[100] and the payment of taxes has been abolished since April 1, 1974.[101] In order to increase productivity from agriculture and industry, since the 1960s the North Korean government has introduced a number of management systems such as the Taean work system.[102] In the 21st century, North Korea's GDP growth has been slow but steady, although in recent years, growth has gradually accelerated to 3.7% in 2008, the fastest pace in almost a decade, largely due to a sharp growth of 8.2% in the agricultural sector
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North Korea's isolation policy means that international trade is highly restricted. North Korea passed a law in 1984 allowing for foreign investment through joint ventures,[91] but failed to attract any significant investment. In 1991, it established the Rason Economic Special Zone,[92] in an attempt to attract foreign investment from China and Russia. Chinese and Russian companies have purchased rights to use the ports at Rason. Chinese investors are renovating a road from Rason to China,[93] and Russian railway workers are renovating the railway from Rason to Russia, from where it continues onto the Trans-Siberian Railway.[94]
Until 1998, the United Nations published HDI and GDP per capita figures for North Korea, which stood at a medium level of human development at 0.766 (ranked 75th) and a GDP per capita of $4,058.[95] The average salary is about $47 per month.[96] Despite substantial economic problems, quality of life is improving and wages are rising steadily.[97] Small-scale private markets, known as janmadang, exist throughout the country and provide the population with imported food and commodities ranging from cosmetics to motorcycles in exchange for money.[98][99]
Food rations, housing, healthcare, and education is offered from the state for free,[100] and the payment of taxes has been abolished since April 1, 1974.[101] In order to increase productivity from agriculture and industry, since the 1960s the North Korean government has introduced a number of management systems such as the Taean work system.[102] In the 21st century, North Korea's GDP growth has been slow but steady, although in recent years, growth has gradually accelerated to 3.7% in 2008, the fastest pace in almost a decade, largely due to a sharp growth of 8.2% in the agricultural sector
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kosovohp- Number of posts : 652
Registration date : 2010-08-31
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