The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. , North Korea continues its basic adherence to a centralized planned economy. With a total gross domestic product of 28.500billionasof2016,therehasbeensomeeconomicliberalization,particularlyafterKimJongUnassumedtheleadershipin2012,butreportsconflictoverparticularlegislationandenactment.Sincethe1990s,informalmarketactivityhasincreased,whichthegovernmenthastolerated.Thesemarketsarereferredtoas′Jangmadang′andwereformedasaresultoftheeconomiccollapseduringthe1990s,whichmadetheregimeunabletodistributefoodtoitspeople.ThecollapseoftheEasternBlocfrom1989to1992,particularlyNorthKorea′sprincipalsourceofsupport,theSovietUnion,forcedtheNorthKoreaneconomytorealignitsforeigneconomicrelations,includingincreasedeconomicexchangeswithSouthKorea.ChinaisNorthKorea′slargesttradingpartner.NorthKorea′sideologyofJuchehasresultedinthecountrypursuingautarkyinanenvironmentofinternationalsanctions.WhilethecurrentNorthKoreaneconomyisstilldominatedbystate−ownedindustryandcollectivefarms,foreigninvestmentandcorporateautonomyhaveincreased.NorthKoreahadasimilarGDPpercapitatoitsneighborSouthKoreafromtheaftermathoftheKoreanWaruntilthemid−1970s,buthadaGDPpercapitaoflessthan2,000 in the late 1990s and early 21st century. For 2018, the South Korean Bank of Korea estimated the GDP growth as −4.1%. For the first time, in 2021, the South Korean Ministry of Unification estimated that the North Korean private sector outgrew the public sector.
Estimating gross national product in North Korea is a difficult task because of a lack of economic data and the problem of choosing an appropriate rate of exchange for the North Korean won, the nonconvertible North Korean currency. The South Korean government's estimate placed North Korea's GNP in 1991 at US$22.
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Kim Il Sung (ˈkɪm_ˈɪlˈsʌŋ,_-ˈsʊŋ; , kimils͈ʌŋ; 15 April 1912 – 8 July 1994) was a Korean politician and the founder of North Korea. He ruled the country from the country's establishment in 1948 until his death in 1994. Afterwards, he was declared its eternal president. His birth name was Kim Song Ju (). He held the posts of the Premier from 1948 to 1972 and President from 1972 to 1994. He was the leader of the Workers' Party of Korea (WPK) from 1949 to 1994 (titled as Chairman from 1949 to 1966 and as General Secretary after 1966).
The Revolutions of 1989, also known as the Fall of Communism, was a revolutionary wave of liberal democracy movements that resulted in the collapse of most Marxist–Leninist governments in the Eastern Bloc and other parts of the world. Sometimes this revolutionary wave is also called the Fall of Nations or the Autumn of Nations, a play on the term Spring of Nations that is sometimes used to describe the Revolutions of 1848 in Europe.
The Korean People's won, more commonly known as the North Korean won (Symbol: ₩; Code: KPW; Korean: 조선 원) and sometimes known as the Democratic People's Republic of Korea won (Korean: 조선민주주의인민공화국 원), is the official currency of North Korea. It is subdivided into 100 chon. The currency is issued by the Central Bank of the Democratic People's Republic of Korea, based in the North Korean capital city of Pyongyang. Etymology of the Korean currencies Won is a cognate of the Chinese yuan and Japanese yen.