North Korean Economy

The North Korean economy still holds a major importance in the world economy with its centrally planned economic system. The disintegration of the Soviet union brought in an unstable situation in the North Korean Economy. North Korean economy is largely influenced and motivated by the abundance economic resource that is already present in North Korea. The modern economy infrastructure was adopted in Korea when Japanese Colonial era ended in the year 1945. The socialist government rule had bored in some bottlenecks in the economy with restrictive controls on capital, labor and rates of consumption in the 1960s and till the 1980s.

The natural resources present in North Korea adds and manipulates the North Korean economy in a major way. Deposits of coal and nonferrous metals in large amount helps the North Korean economy to grow in a significant way.

The mountainous terrain of North Korea restricts people from practicing any agricultural activity. The coastal lowlands are the only favorable places where some agricultural activity can be practiced. On the other hand the hilly terrain of Korea supports orchard growth, livestock rearing and dense timber forests. These also adds to the North Korean economy in a smaller but significant way.

The significant and major economic sectors of North Korea are the industry, construction, power and energy, agriculture, fishing, forestry, banking etc. Self reliant development strategy was adapted in North Korean economy where priority was given to the development of heavy industry along with an equal effort given to the development of the agriculture and smaller industries.

North Korean Economy continues to grow irrespective of all the hassles and is still continuing with the effort of implementing new strategies and economic systems that will add to the North Korean Economy in a significant way.

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