Sun. Sep 25th, 2022
north korea economy 2022

North Korea Economy 2022

Introduction:

North Korea economy 2022 is a very interesting economy in today’s world. North Korea is not a very super economy but its military power is becoming very powerful. Actually, we later discuss the North Korea economy, and in starting we discuss North Korea’s general stats overview. 

North Korea Economy 2022
North Korea Economy 2022

North Korean country Stats

North Korea is called the Democratic people’s republic of Korea. North Korea is located in East Asia. North Korea’s capital city name is Pyongyang.

If we talk about the languages spoken in North Korea, its official and common spoken language is Korean. North Korea is officially an atheist country. If we talk about the total country area, its total country area is around 120,600 km2 in the year 2022.

If we talk about its population stats, its total population is around 25,550,900 in the year 2022. North Korea’s population world rank is 55th in the world countries.  

North Korea’s Short history

In the year 1910, Japan captures Korea to expand her Empire. In 1945, Japan surrender in ww2 and leave Korea. After leaving Korea, Korea is divided into two parts called North Korea and South Korea.

Russia and USA negotiate with each other for the Unification Of KOREA but negotiations failed and Russia and USA formed separate governments in North and South Korea.

North Korea invaded South Korea in 1950 for the purpose of merging South Korea into North Korea. The war ends in 1953 but no final solutions are done. Still, at that time North Korea and South Korea did not have a peace treaty which created conflicts and problems for each other.

After the independence of North Korea and South Korea, North Korea becomes a socialist state and South Korea becomes a capitalist state. Nowadays North Korea is a dictatorship country.

North Korea’s economic modernization efforts

In 1960, North Korea launched a seven-year economic plan aimed to develop its economy and its industrialization expansion to boost its economy.

After a few years, later the North Korean economic plan badly failed due to many reasons. The major reason is that the Soviet Union did not support North Korea’s economic plan properly.

North Korea’s military tensions are rising very sharply. Due to increase military tensions and military expenditure, North Korea did not properly focus on the economic plan, and for that reason, the North Korean plan was Failed. 

North Korea GDP 2022

If we talk about the GDP of North Korea, we see that North Korea’s total GDP is $30 billion in the year 2022. North Korea’s GDP world rank is 115th in the world.

Due to Pendimic North Korea economy is badly hurt. North Korea’s GDP growth rate is -5% in the year 2021. If we talk about GDP per capita, Its GDP per capita is $1400 in the year 2020. If we talk about its GDP per capita rank, its GDP per capita rank is 178th in the world countries.

If we talk about the contribution of GDP by various sectors, Agriculture is a big contributor to North Korea’s economy. North Korea’s agriculture sector contributes 23% of the total North Korean GDP. The industrial sector is the biggest contributor to North Korea’s economy.

The industrial sector contributes 48% total of North Korea’s GDP. If we talk about the services sector of the North Korean economy, the North Korean services sector contributes 30% of the total North Korean GDP. 

North Korea economy 2022

If we talk about the North Korea economy 2022, we see that the North Korean economy belongs a low-income economy. If we talk about the North Korean labor force, so North Korean total labor force is around 16,500,250 in the year 2020.

If we talk about the North Korean labor force by occupation, so North Korean labor force by occupation is agriculture 35%, industry 65%, and services stats are not declared by the North Korean government. If we talk about the Unemployment rate in North Korea, the North Korean unemployment rate is 3% in the year 2022.

If we talk about North Korean main and big industries, The North Korean big industries are Military products, machines, chemicals, and iron. North Korea’s other big industries are copper, lead, metals, agriculture products, food products, and many other industries. 

Exports and Imports of North Korea 2022

If we talk about North Korean exports, North Korean total exports are approx. $230 million in the year 2022. China is the big and major partner of North Korean exports. If we talk about North Korean main export goods, we see that North Korean main exports goods are metal products, textile, sea products, and many other products. 

If we talk about North Korea’s imports, we see that North Korea’s total imports are $2.5 billion in the year 2022. Hina is a major import partner of North Korea. If we talk about North Korea’s major import goods, we see that North Korea’s major import goods are petroleum, machine, textile, and others. 

Sources: Worldbank, IMF, Wikipedia, and official sources.

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