Question

Use the Internet to find data for GDP in North Korea and South Korea, going back as far as possible. Look at the trends and interpret them in terms of the comparison between central planning and the market economy. Carefully document your sources.Use the Internet to find data for GDP in North Korea and South Korea, going back as far as possible. Look at the trends and interpret them in terms of the comparison between central planning and the market economy. Carefully document your sources.

Answer 1

GDP in North Korea

GDP in South Korea

The biggest difference between North Korea and south Korea in terms of the comparison between central planning and the market economy is that, south Korea is a mixed economy where as North Korea is more controlled economy.

The GDP growth of North Korea lies in the range of 0.4 % to - 3.6 % during 2000 to 2017. The GDP trends in North Korea is more or less stable from the year 1996 to 2017. In past years, the highest GDP growth was recorded in the year 2016 , which is about 3.9 % .

The GDP growth of south Korea lies in the range of 2.5 % to 3.6 % during 2011 to 2017.In past years, the lowest GDP growth was recorded in the year 2009, which is less than 1 % . As far as the period of study is concerned, there was negative GDP growth in the year 1998.