Economy of North Korea

The economy of North Korea is one of the fastest growing economies of the world with a real G.D.P growth rate of 1% per annum. After the creation of North Korea as an independent country, various economic reform measures were initiated by Kim Il-sung, recognized as the great leader of North Korea. One of the major aspects of North Korean economy is its focus on centrally planned liberalized economic reforms. In the last few years, many changes were made to facilitate industrialization in the rural areas aided by well planned investment.


Agriculture and Natural Resources in North Korea----

The scarcity of fertile agricultural land in North Korea has hampered the speedy growth of agricultural productivity in the country. Only 18 % of the total land in the country approximately 2.2 million hectares, is cultivable. Further more, the climatic conditions vary coupled together with the lack of suitable atmospheric condition acts an hindrance to natural cultivation of crops in some parts of North Korea. It's important to note that North Koreans believe in achieving self -reliance, hence scientific methods are applied to attain self-sufficiency in food production.Kim Il-sung emphasized the importance of resource development through application of technological methodologies which is popularly known in North Korea as "nature-remaking" projects. These projects enhance the quantity of the cultivable land through implementation of improved technology and sufficient government capital. An overview of the economy of North Korea also throws light on the other techno-oriented agricultural projects which are unique to the North Korean nation such as--- "chemicalization" which refers to the increased use of pesticides and chemicals in agricultural fields. The major natural resources of North Korea are---coal, tin, tungsten, zinc, lead, iron ore and copper and main cash crops are---rice, corn, soybeans, pulses and potatoes. In the rural level, 'Cooperative Farm Management Committee' was established in 1962 to look into the functioning of the administration at the local level especially matters related to infrastructure facilities.

Trade and Business in North Korea---

Over the years, the North Korean government has been tight lipped about the various industrial ventures that took place in the country, in fact international bodies like I.M.F has relatively less influence on the economic undertakings of the country. In the year 2002, various economic reforms were pioneered but lack of proper entrepreneurship activities and presence of corruption at the government offices led to its delay and timely implementation. The major industries in North Korea are: machine building, electric power, chemicals, coal, iron ore, magnetite, graphite, copper, zinc, lead, textiles, food processing and tourism. In the recent years, bilateral ties with countries like China, Russia and parts of European countries have helped to boost its revenue to a large extend.

 

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