Such meetings take place annually in spring, and neither the parliamentary session nor its timing this year was particularly extraordinary.
Such meetings are routine events taking place annually in the spring. A senior official, usually the Prime Minister or the Minister of Finance, reports on the state budget for the past and current years and announces the cornerstones of economic policy. It is now Technically, it refers to enterprises in the provinces and could perhaps be understood as a euphemism for what used to be called Township and Village Enterprises TVEs in China.
But according to information I was given during my visits to North Korea, it can also characterize the non-centrally planned part of the economy. It is admittedly a long shot judging only by the budget report, but it would be truly remarkable if almost a quarter of the value produced in North Korea is, indeed, coming from that sector.
Moderate growth of expenditure on agriculture implies that no emergency is expected. The conclusion would be that the state is satisfied with agricultural production and believes it does not have to make growth one of its top priorities this year.
Investment in infrastructure will grow above average in The North Korean media provided no explanation of this somewhat obscure term, but my conversations with North Korean economists indicate that this concerns infrastructure including roads and public buildings.
The budget seems to be more or less balanced, i. State expenditure is planned to grow by 5. This is almost the same value as in 5. North Korea still plans to spend more than it earns, since the gap between the planned growth of revenue and expenditure for is 1.
This could indicate the expectation of external transfers or other sources of income to cover that gap, feeding a popular Western narrative of secret or illicit sources of income.
However, we should be careful interpreting the official budget figures that way; this income could simply be generated by the over-fulfillment of the plan which was 1. The trend of setting lower official growth targets, evident since the emergence of Kim Jong Un, has continued. This is the second lowest value since It is not clear whether this is an expression of reduced growth, or a sign of more realistic reporting.
The first-ever Party Congress in 36 years to be held in May will most likely include some new directives on the economy. However, a closer look at the budget report reveals only marginal changes, but no major differences compared with the previous reports.
Graph 2 shows the year-on-year growth figures in comparison to the values for the previous years. The growth figure for planned state revenue in is 4.
In other words, the state is slightly more optimistic about the economy than it was in Revenue from special economic zones is expected to grow 4.
I would support an alternative interpretation:The Budget Report. The growth rate of state budgetary revenue, which I treat as a proxy for an official GDP growth rate in lieu of any official macroeconomic statistics, has reportedly been percent during the last year, indicating a robust growth of the economy that corresponds with my observations in the country.
Graph 1 shows the year-on-year growth figures in comparison to the values for the previous . Claim: “Chairman Kim and I just signed a joint statement which he reaffirmed his unwavering commitment to complete denuclearization of the Korean Peninsula."Not The Whole Story.
If you’re standing at the crossroad between a backpacking adventure in Japan and a budget getaway in Korea, you’re not alone. Exploring these high-priced travel destinations on a low budget can take a bit of work, but leave the homework to us. Japan VS Korea: The Ultimate Budget Travel Showdown.
Cheng Sim on October 27, . Analysis of the FY Defense Budget from the CSIS Defense Budget Analysis program provides an in-depth assessment of the Trump administration’s request for national defense funding in FY In addition to analyzing the request for the upcoming fiscal year and the Department of Defense’s projections for the future, the report assesses long-term trends in defense funding levels by.
Internal memo alleges JPAC ethics violations, mishandling of military remains.
South Korea; and Vietnam-era war dead on Koh Tang island in Cambodia. JPAC’s operating budget has doubled. Korea – a key contingency requirement is not addressed.
Some passing factoids: The budget projects $ billion in spending with $ billion to aid Afghan forces, $ billion to fight ISIL, $ billion for counterterrorism partnerships.
The remaining $40 billion plus offers major slush fund opportunities.