Sunday, June 14, 2009

A glance at North Korea's economy

GDP: North Korea's gross domestic product was estimated at about $20.2 billion in 2007, about 2.6 percent the size of neighboring South Korea's.

STEADY DECLINE: North Korea's economy over the past two decades has steadily declined. Mismanagement, periodic bouts of severe flooding, crop failures, a famine and a standoff with the international community over its nuclear development that led to sanctions have also hurt the economy.

TRADE: North Korea's top trade partners are China, South Korea, Singapore, India, Russia and Brazil. China is the biggest foreign economic player in North Korea.

NATURAL RESOURCES: North Korea's resources, which include coal, gold, graphite, iron ore, magnesite, silver, tungsten, zinc have drawn the interest of investors. South Korea's state-owned Korea Resources Corp. is involved in mining projects in the North.

[Sources: The Bank of Korea, Korea Trade-Investment Promotion Agency, AP]

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