Economy of North Korea

The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increased to an extent. As of 2024, North Korea continues its basic adherence to a centralized planned economy. With a total gross domestic product of $28.500 billion as of 2016, there has been some economic liberalization, particularly after Kim Jong Un assumed the leadership in 2012, but reports conflict over particular legislation and enactment. Since the 1990s, informal market activity has increased, which the government has tolerated. These markets are referred to as 'Jangmadang', and were formed as a result of the economic collapse during the 1990s, which made the regime unable to distribute food to its people.

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