USA HISTORY

Detailed explanation-1: -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-2: -North Korea’s economic freedom score is 3.0, making its economy the 177th freest in the 2022 Index. North Korea is ranked 39th among 39 countries in the Asia–Pacific region, and its overall score is below the regional and world averages.

Detailed explanation-3: -In 2021, South Korea’s nominal gross domestic product (GDP) amounted to around 2, 071 trillion South Korean won, compared to that of North Korea which was approximately 35.89 trillion South Korean won. With this, South Korea’s nominal GDP was around 57 times greater than that of North Korea.

Detailed explanation-4: -North Korea has a command economy in which the central government directs the economy regarding the production and distribution of goods.