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In 1965, South Korea's rate of economic growth first exceeded North Korea's in most industrial areas, though South Korea's per capita GNP remained lower than North Korea's. [ 78 ] In 1979, North Korea renegotiated much of its international debt, but in 1980 it defaulted on its loans except those from Japan.
The North Korean government, therefore, does collect revenue, in a manner which has been compared to a taxation system by international observers. However, inside North Korea the word "tax" is not used, and the term for state revenue has been variously translated as "socialist income accounting", "socialist economic management income", and in ...
Economic reforms in North Korea has been encouraged by China. While visiting Pyongyang in June 2019, Chinese paramount leader Xi Jinping said that Kim Jong Un had “initiated a new strategic line of economic development and improving people’s livelihoods, raising socialist construction in the country to a new high tide.” [ 10 ]
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
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From 1994 to 1998, North Korea suffered from a famine that resulted in the deaths of between 0.24 and 3.5 million people, and the country continues to struggle with food production. [5] North Korea follows Songun, or "military-first" policy. [6]
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Central Bureau of Statistics (CBS; Korean: 조선 중앙 통계국; MR: Chosŏn Chung'ang Tonggye Kuk; [1] also known as the Central Statistic Bureau, or the Central Statistical Bureau) is the national statistical office of North Korea. Recent censuses of North Korea have been conducted by CBS. It has also published statistics about electricity.