North Korea Maintaining Steady Economic Growth

Long the target of crippling international trade restrictions, North Korea seems to have found a way to grow its economy and generate funds to support its controversial weapons programmes.
Experts say that the secret is the hermit kingdom’s slow embrace of free markets. They estimate that the North Korean economy could be growing between 1% and 5% annually. Under President Kim Jong-un (in power since 2011), the Asia-Pacific nation has witnessed the spread of markets. According to experts, the growth happened in both informal economy and in official, government-approved market places.
The New York Times recently reported that the number of government-approved markets, like shopping centres, has doubled since 2010. According to satellite images, there are now 440 government-approved markets in North Korea. As a result, more than a million people have found employment as retailers or managers in these markets. The New York Times also reported that at least 40% of the population is now involved in “some form of private enterprise”.
Even people can find Coca-Cola, once lambasted as a “cesspool water of capitalism” by the state propaganda, in some grocery stores in North Korea. Also, there has been a boom in construction and cars in the capital city of Pyongyang and more than three million people use cell phones in the country.
Experts are of the opinion that President Kim’s apparent attention to economic growth could be a useful thing for America to keep in mind in dealings with Pyongyang. About 80% of consumer goods in North Korean markets come from China, giving Beijing great power over Pyongyang. The communist country’s slow embrace of free markets offers the hope that it would discontinue its nuclear weapons, if it can be convinced to open its borders to trade.


However, there is still nothing to suggest that the quality of life for most North Koreans is anything other than nightmarish. According to the UN, about 70% of the population relies on food aid and 40% of the country is malnourished. In 2014, North Korea’s GDP was USD 40 billion. The country exported items worth USD 4,152 billion in 2015 and its main export partner was China (75.8%). In that year, North Korea imported products worth USD 4,819 billion mainly from China (76.4%). It would have been difficult for Pyongyang to maintain an economic growth without the help of Beijing.

Advertisements

173 Comments

  1. Hey I know this is off topic but I was wondering if you knew of any widgets
    I could add to my blog that automatically tweet my newest twitter updates.
    I’ve been looking for a plug-in like this for quite some
    time and was hoping maybe you would have some experience with something like this.
    Please let me know if you run into anything.
    I truly enjoy reading your blog and I look forward to your new updates.

    Like

  2. You are so awesome! I don’t think I have read through
    something like this before. So great to discver anjother person with uniqu thoughts on this subject.
    Really.. many thanks for starting this up. This web site is something
    that is required onn thhe internet, someone with some originality!

    Like

  3. Can I simply just say what a relief too uncover an individual who truly
    knows wat they are discussing on the internet. You definitely understand howw to
    bring an issue to light and make it important. More people ought to loook at this and understand this side of
    your story. I can’t believe you aren’t more popular since youu definitely have
    tthe gift.

    Like

  4. A fascinating discussion is definitely worth comment. There’s no doubt that that you
    should publish more about this issue, it may not be a taboo
    matter but generally folks don’t speak about such subjects.
    To the next! All the best!!

    Like

  5. Hey very nice site!! Man .. Beautiful .. Wonderful ..
    I’ll bookmark your blog and take the feeds also?

    I’m happy to find numerous useful info here in the put up, we need develop extra techniques on this regard,
    thank you for sharing. . . . . .

    Like

  6. Sρot οn with this write-up, I honestly think this ᴡebѕite needs a lot mߋre attentіon. I’lⅼ probably be returning to read through morе, thanks foг the
    info!

    Like

  7. I’ve read some just right stuff here. Certainly worth bookmarking for revisiting.
    I wonder how much attempt you place to create this kind of excellent
    informative website.

    Like

  8. I’m not that much of a online reader to be
    honest but your blogs really nice, keep it up!
    I’ll go ahead and bookmark your website to come back down the road.

    All the best

    Like

  9. Wonderful beat ! I wish to apprentice even as you amend
    your web site, how can i subscribe for a weblog site? The account helped me a acceptable
    deal. I had been a little bit acquainted of this your broadcast provided brilliant transparent idea

    Like

  10. Thanks for any other informative website. The place else may just I am getting that type of information written in such an ideal method?
    I’ve a undertaking that I am just now operating on, and I’ve been at the look out for such
    information.

    Like

  11. Fantastic goods from you, man. I have remember your stuff prior to and you are simply extremely
    magnificent. I really like what you have got right here, really like what you’re saying and the best way during which you say it.
    You make it enjoyable and you still care for to keep it sensible.
    I cant wait to read much more from you. That is actually a great site.

    Like

  12. Hello! Someone in my Myspace group shared this site with us so I came to look it
    over. I’m definitely loving the information. I’m book-marking and will be tweeting this to my
    followers! Great blog and terrific design.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s