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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 ...
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.
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 ]
"Country Profile: North Korea" (PDF). Library of Congress – Federal Research Division. July 2007; French, Paul (2007). North Korea: The Paranoid Peninsula: A Modern History (Second ed.). Zed Books. Martin, Bradley K. (2004). Under the Loving Care of the Fatherly Leader: North Korea and the Kim Dynasty. New York City, New York: Thomas Dunne Books.
While North Korea is classified as a low-income country, the structure of North Korea's causes of death (2013) is unlike that of other low-income countries. [409] Instead, it is closer to worldwide averages, with non-communicable diseases—such as cardiovascular disease and cancers—accounting for 84 percent of the total deaths in 2016. [410]
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