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An independent kingdom for much of its long history, Korea was occupied by Japan beginning in 1905 following the Russo-Japanese War. Five years later, Japan formally annexed the entire peninsula. Following World War II, Korea was split with the northern half coming under Soviet-sponsored communist control. After failing in the Korean War (1950-53) to conquer the US-backed Republic of Korea (ROK) in the southern portion by force, North Korea (DPRK), under its founder President KIM Il Sung, adopted a policy of ostensible diplomatic and economic "self-reliance" as a check against outside influence. The DPRK demonized the US as the ultimate threat to its social system through state-funded propaganda, and molded political, economic, and military policies around the core ideological objective of eventual unification of Korea under Pyongyang's control. KIM Il Sung's son, KIM Jong Il, was officially designated as his father's successor in 1980, assuming a growing political and managerial role until the elder KIM's death in 1994. KIM Jong Un was publicly unveiled as his father's successor in 2010.

Location

Eastern Asia, northern half of the Korean Peninsula bordering the Korea Bay and the Sea of Japan, between China and South Korea

Natural Resources

coal, lead, tungsten, zinc, graphite, magnesite, iron ore, copper, gold, pyrites, salt, fluorspar, hydropower

Population - distribution

population concentrated in the plains and lowlands; least populated regions are the mountainous provinces adjacent to the Chinese border; largest concentrations are in the western provinces, particularly the municipal district of Pyongyang, and around Hungnam and Wonsan in the east

22912177
Korean
PYONGYANG (capital) 2.863 million (2015)
Conventional long form
Democratic People's Republic of Korea
Conventional short form
North Korea
Local long form
Choson-minjujuui-inmin-konghwaguk
Local short form
Choson
communist state
Name
Pyongyang
Geographic coordinates
39 01 N, 125 45 E
Time difference
UTC+8.5 (13.5 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
North Korea, one of the world's most centrally directed and least open economies, faces chronic economic problems. Industrial capital stock is nearly beyond repair as a result of years of underinvestment, shortages of spare parts, and poor maintenance. Large-scale military spending and development of its ballistic missile and nuclear program severely draws off resources needed for investment and civilian consumption. Industrial and power outputs have stagnated for years at a fraction of pre-1990 levels. Frequent weather-related crop failures aggravated chronic food shortages caused by on-going systemic problems, including a lack of arable land, collective farming practices, poor soil quality, insufficient fertilization, and persistent shortages of tractors and fuel.
Inflation
1.375%
Total tax rate (% of commercial profits)
52.1%
Real Interest Rate
7.509%
Manufacturing, value added (% of GDP)
6.647%
Current Account Balance
US$ -60,301,607
Labor Force, Total
15,962,658
Employment in Agriculture
0.20%
Employment in Industry
48.90%
Employment in Services
42.10%
Unemployment Rate
4.28%
Imports of goods and services
US$ 315,037,731
Exports of goods and services
US$ 228,030,934
Total Merchandise Trade
42.13%
FDI, net inflows
US$ 82,915,000
Commercial Service Exports
US$ 135,238,325
rice, corn, potatoes, wheat, soybeans, pulses, beef, pork, eggs
military products; machine building, electric power, chemicals; mining (coal, iron ore, limestone, magnesite, graphite, copper, zinc, lead, and precious metals), metallurgy; textiles, food processing; tourism
Commodities
minerals, metallurgical products, manufactures (including armaments), textiles, agricultural and fishery products
Partners
China 76.5% (2015)
Commodities
petroleum, coking coal, machinery and equipment, textiles, grain
Partners
China 76.3%, Republic of the Congo 5.5% (2015)
Country Risk Rating
Business Climate Rating

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