N. Korea tacitly approves expansion of market economy: report

The North Korean government has tacitly approved an expansion of market economy for years as local marketplaces have grown in size, a report said Thursday.

"Since the current leader Kim Jong-un took the helm (in 2011), the North Korean authorities have given tacit permission to introduce some elements of a market economy, which led to the growth of local marketplaces," said the report published by the state-run Korea Development Institute.

(Yonhap)
As the Pyongyang government has not clamped down on market activities, the size of local marketplaces has expanded steadily and the private sector has pulled off modest growth along with the public sector.

The KDI report said there are 1,500 taxis in Pyongyang, with their basic fare set at $2 and $0.56 added for each kilometer, while private pharmacies can do business after getting a government-approved license.

It also said North Korea seemed to have removed a ban on beef trade, as local people can easily buy beef in marketplaces.

"The North Korean marketplaces are expected to expand further as the North Korean government sees that markets are useful to its regime, instead of regarding them as a big threat," said the KDI report. "But it will make constant efforts to put the development pace under control." (Yonhap)

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