NORTH KOREAN ECONOMY

The Democratic People's Republic of Korea, also dubbed the Hermit Kingdom, is one of the world's last centrally planned economies. Mismanagement of North Korea’s economy and natural calamities have resulted in mass starvation, encouraging some North Koreans to seek refuge in China, South Korea, or other countries. Since 2002, North Korea has dabbled in economic reforms. But whether or not North Korea deepens those reforms after the Dear Leader Kim Jong-il’s eventual passing remains to be seen.

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