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

81 Comments

  1. Thank you for the good writeup. It in truth used to be a leisure account it.
    Look advanced to far introduced agreeable from you! However, how could we be in contact?

    Like

  2. Very nice post. I simply stumbled upon your weblog and wished to say that I’ve truly enjoyed browsing your weblog posts.
    After all I will be subscribing to your rss feed and I’m hoping you write again very soon!

    Like

  3. I have been exploring for a bit for any high-quality articles or weblog posts in this sort of area .
    Exploring in Yahoo I ultimately stumbled upon this web site.
    Studying this information So i’m glad to exhibit that I’ve an incredibly good uncanny feeling I found out just what I needed.
    I such a lot definitely will make sure to do not put out of your mind this site and provides it a glance on a relentless basis.

    Like

  4. Hello there! I could have sworn I’ve been to this web site before but after looking at many
    of the articles I realized it’s new to me. Regardless, I’m definitely happy I discovered it and I’ll be bookmarking it and checking back frequently!

    Like

  5. I have been exploring for a bit for any high quality articles or blog posts on this sort of space .
    Exploring in Yahoo I finally stumbled upon this web site. Studying this
    info So i am happy to express that I have an incredibly just right uncanny feeling I found out just what I needed.

    I most no doubt will make certain to do not fail to remember this website and
    provides it a look regularly.

    Like

  6. Greetings from Idaho! I’m bored to tears at work so I decided to browse your blog on my iphone during lunch break.
    I enjoy the knowledge you provide here and can’t wait to take a look when I get home.
    I’m shocked at how quick your blog loaded on my mobile ..
    I’m not even using WIFI, just 3G .. Anyhow, amazing blog!

    Like

  7. Simply wish to say your article is as surprising.

    The clarity in your post is just spectacular and i can assume
    you are an expert on this subject. Fine with your permission allow me to grab your RSS feed to keep up to date with
    forthcoming post. Thanks a million and please carry on the enjoyable
    work.

    Like

  8. This is really interesting, You are an overly professional blogger.

    I have joined your feed and stay up for in the hunt for extra of your excellent post.
    Also, I have shared your web site in my social networks

    Like

  9. Heya i’m for the first time here. I found this
    board and I find It really useful & it helped me out a lot.
    I hope to give something back and aid others like you helped me.

    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