ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Transition of power to Kim Jong-un After the death of Kim Jong-il on December 17, 2011, his youngest son, Kim Jong-un, inherited the political leadership of the DPRK.

Detailed explanation-2: -The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. As of 2022, North Korea continues its basic adherence to a centralized command economy.

Detailed explanation-3: -The Bank of Korea and the Korea Development Institute periodically release major economic indicators and economic trends of the economy of South Korea.

Detailed explanation-4: -China is North Korea’s largest trade partner, while North Korea itself ranks relatively low as a source of imports to China. North Korea is dependent on trade and aid from China, although international sanctions against North Korea have decreased overall official volume of trade.