North Korea has a communist style of governance, and the role of market allocation schemes is limited. Basically, the country has a centrally planned economy with a total GDP of nearly 20 billion USD. It was expected to reach 21.24 USD billion by the end of 2023 and 25.06 USD billion in 2024. Comparably, North Korea’s GDP is 57 times smaller than that of South Korea’s GDP. The Gross Value Added (GVA) of the country is dominated by agriculture, followed by the manufacturing and construction sectors. North Korea had a similar GDP to its neighbour from the time of the Korean War until of mid-1970s. However, estimating the isolated nation’s GDP is actually a difficult task because of the lack of availability of data.
Tag: Economy
Is the United States facing a Third World Future?
The United States has long been considered a global superpower and a symbol of prosperity and democracy. However, recent developments and global power shifts towards Asia have raised questions about the country’s standing. As the world’s largest economy, the United States has traditionally been at the forefront of global leadership, championing democratic values and capitalist ideals. However, a closer examination of the country’s current situation reveals a complex picture that warrants analysis.
China Renames 30 more Places in India’s Arunachal Pradesh
In this issue of China Watch newsletter, the author provides in-depth analysis on; 1) China renaming 30 places in India’s state of Arunachal Pradesh, 2) China set to become World’s largest Airforce, 3) Takeover of Tibet and more.
Interim Budget and the Road to the Big Game Ahead
For the current government it’s not an ordinary budget but it’s a report card or a moment to show its credibility for the next season. This budget is said to be the 6th in row for Finance Minister Nirmala Sitharaman. Read to know the budget’s nutshell