North Korea Economy essay

Enterprises and the state continue owning much of the countries property and capital, and by way of wide-ranging regulations and police force control, families and individuals are at their worst point economically. The local is poor. As at June 2018, the country’s GDP was at between 650 to $ 2000 placing the country at the bottom of global ratings. At present, over 60 percent of the GDP is spent by the state and military with only a small percentage going to the locals. The people continue to languish in abject poverty coupled with unemployment and lack of food (Lim 77). The UN sanctions have limited the countries global trade transactions rendering it incapable of making proper use of its income earning programs. Pyongyang’s long hold on power that has given the country incapable of paying its debt in addition to access foreign funding has left the country in dire need of political and economic assistance.