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Finance of North Korea

#1 by MartinRoberts , Sat Feb 25, 2023 10:44 am

The monthly minimum wage in North Korea is USD 127. North Korea has a public debt equal to 144% of the country's gross domestic product (GDP) as estimated in 2012. In terms of consumer prices, North Korea's inflation rate is 55.%. The currency of North Korea is the North Korean Won. The plural form of the word "North Korean Won" is won. The symbol used for this currency is ₩ and is abbreviated as KPW. The North Korean Won is divided into Chon; there are 100 won in one. Corporate income tax in North Korea is 25%. Personal income tax ranges from 0% to 20% depending on your specific situation and income level. VAT in North Korea is 4% and is referred to as Korean VAT. In 2013, North Korea received US$98.1 million in foreign aid. In 2014, foreign aid totaled $118.5 million.

Gross domestic product
Total Gross Domestic Product (GDP) measured at Purchasing Power Parity (PPP) in North Korea is US$40 billion. Gross Domestic Product (GDP) per capita, calculated as Purchasing Power Parity (PPP) in North Korea was last seen at $1,562. PPPs in North Korea are considered below average compared to other countries. Below-average PPPs indicate that citizens in this country find it difficult to buy local goods. Local goods can include food, shelter, clothing, healthcare, personal hygiene, essential furnishings, transportation and communications, laundry, and various types of insurance. Countries with below-average purchasing power parities are dangerous locations for investments. The total gross domestic product (GDP) in North Korea is 15 billion. Because of this statistic, North Korea is considered a small economy. Countries with small economies generally support fewer industries and investment opportunities. However, worthwhile investment opportunities can be found. The gross domestic product (GDP) per capita in North Korea was last at 601 US dollars. The average citizen in North Korea has very little wealth. Countries with very low wealth per capita often have lower life expectancies and a dramatically lower quality of life for their citizens. In countries with very low levels of prosperity, it can be very difficult to find a highly skilled workforce as citizens find it difficult to obtain the training required for specialized industries. However, labor can be found at very low rates compared to countries with higher wealth per capita. The annual GDP growth rate in North Korea averaged 1% in 2014. According to this percentage, North Korea is currently experiencing modest growth. Modest growth countries offer safe investment opportunities; Their expanding economy suggests that businesses, jobs and incomes will increase accordingly.


https://www.confiduss.com/en/jurisdictio...conomy/finance/

MartinRoberts  
MartinRoberts
Posts: 5
Date registered 10.08.2022

Last edited 02.25.2023 | Top

   

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