North Korea: On Verge of Economic Breakout
North Korea’s economy has been marred by western-imposed sanctions, mainly due to its nuclear weapons program. But its young leader Kim Jung-un has allowed new enterprises to flourish, in a break from the traditional economic model.
North Korea constantly gets negative press, from executions to plain old being weird. Not that the generals, and in particular its young leader care. North Korea has recorded a positive 1% or more growth each year for the past 3 years. Not bad for a country to have experienced its worst drought in 100 years.
Over the past decade the country has not only recovered from the sanctions, it has experienced significant economic growth. The annual growth rate is at about 1.5%, while some believe it may be close to 4%.
Chief economist John Perkins believe this is mostly due to its young leader, Kim Jung-un, who has allowed the black economy to thrive while allowing modest entrepreneurship.
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