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North Korean Economy Type ? please help !!!? |
Travel Info Okay, I'm doing a geography project on North Korea and I need to know the type of economy they have. Please please help ! I don't know where to find it. The choices are; Traditional Economy , Directed Economy, Market Economy , or Mixed Economy i think. PLEASE ANSWER ! Travel Tips Economy Korea, North Economy - overview: North Korea, one of the world's most centrally planned and isolated economies, faces desperate economic conditions. Industrial capital stock is nearly beyond repair as a result of years of underinvestment and spare parts shortages. Industrial and power output have declined in parallel. The nation has suffered its eleventh year of food shortages because of a lack of arable land, collective farming, weather-related problems, and chronic shortages of fertilizer and fuel. Massive international food aid deliveries have allowed the regime to escape mass starvation since 1995, but the population remains the victim of prolonged malnutrition and deteriorating living conditions. Large-scale military spending eats up resources needed for investment and civilian consumption. In July 2002, the government took limited steps toward a freer market economy. In 2004, heightened political tensions with key donor countries and general donor fatigue threatened the flow of desperately needed food aid and fuel aid. Black market prices have continued to rise following the increase in official prices and wages in the summer of 2002, leaving some vulnerable groups, such as the elderly and unemployed, less able to buy goods. In 2004, the regime allowed private markets to sell a wider range of goods and permitted private farming on an experimental basis in an effort to boost agricultural output. Firm political control remains the Communist government's overriding concern, which will constrain any further loosening of economic regulations. GDP (purchasing power parity): $40 billion (2004 est.) GDP - real growth rate: 1% (2004 est.) GDP - per capita: purchasing power parity - $1,700 (2004 est.) GDP - composition by sector: agriculture: 30.2% industry: 33.8% services: 36% (2002 est.) Labor force: 9.6 million Labor force - by occupation: agricultural 36%, nonagricultural 64% Unemployment rate: NA (2003) Population below poverty line: NA Household income or consumption by percentage share: lowest 10%: NA highest 10%: NA Inflation rate (consumer prices): NA (2003 est.) Budget: revenues: NA expenditures: NA, including capital expenditures of NA Agriculture - products: rice, corn, potatoes, soybeans, pulses; cattle, pigs, pork, eggs Industries: military products; machine building, electric power, chemicals; mining (coal, iron ore, magnesite, graphite, copper, zinc, lead, and precious metals), metallurgy; textiles, food processing; tourism Industrial production growth rate: NA Electricity - production: 33.62 billion kWh (2002) Electricity - production by source: fossil fuel: 29% hydro: 71% nuclear: 0% other: 0% (2001) Electricity - consumption: 31.26 billion kWh (2002) Electricity - exports: 0 kWh (2002) Electricity - imports: 0 kWh (2002) Oil - production: 0 bbl/day (2001 est.) Oil - consumption: 85,000 bbl/day (2001 est.) Oil - exports: NA Oil - imports: 11,500 bbl/day (2003 est.) Exports: $1.2 billion f.o.b. (2003 est.) Exports - commodities: minerals, metallurgical products, manufactures (including armaments); textiles and fishery products Exports - partners: China 29.9%, South Korea 24.1%, Japan 13.2% (2004) Imports: $2.1 billion c.i.f. (2003) Imports - commodities: petroleum, coking coal, machinery and equipment; textiles, grain Imports - partners: China 32.9%, Thailand 10.7%, Japan 4.8% (2004) Debt - external: $12 billion (1996 est.) Economic aid - recipient: NA; note - over $117 million in food aid through the World Food Program in 2003 plus additional aid from bilateral donors and non-governmental organizations Currency (code): North Korean won (KPW) Currency code: KPW Exchange rates: official: North Korean won per US dollar - 170 (December 2004), 150 (December 2002), 2.15 (December 2001); market: North Korean won per US dollar - 300-600 (December 2002) Fiscal year: calendar year Source(s): CIA world guide book Other Travel Tips i thing internet. you can google it After the death of communism, there are still 2 communist countries: N Korea and Cuba. They are communist economies. The term cloest to communist economy looks like Directed Economy, if the word directed means controlled by the government. Also, you can find info on the CIA site. (I'm not kidding. Try the CIA World Fact Book 2006) The north Korean economic system is totally state-controlled, as is all of life there. It is a directed economy beyond any other in the world. Every facet of life is controlled by the central government. I believe there is no "for sure" type of economy in North Korea. With my living in South Korea, I can tell you for sure that North Korea has what's called the Songun Policy (pronounced Sohn-Goon) Policy - translated to English it means "Army First" policy. They claim to have a market economy, but what is claimed and what exists are entirely different. I would suggest you do an Internet search for articles written by Andrei Lankov This person is extremely knowledgeable concerning things North Korean. Among the choices you've listed, it'll be Directed Economy. Another name for it is Centrally Planned Economy. Everything is directed and planned from the government and does not fluctuate/involve naturally by the economic (market) forces of supply and demand. That why it never works that well and sometimes not at all. Such is the case of North Korea. Bankrupt and desperate! |
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