World Economy

N. Korea Growth Lowest in 8 Years

N. Korea Growth Lowest in 8 YearsN. Korea Growth Lowest in 8 Years

North Korea’s economy last year is estimated to have contracted the most since 2007 as its leader Kim Jong-un marshaled resources for nuclear tests and ballistic missile development, Bloomberg reported. The gross domestic product fell 1.1% in 2015 from a year earlier, when it expanded 1%, according to calculations released by South Korea’s central bank Friday. Per capita income in the North was 1.39 million won ($1,223), or about 4.5% that of its southern neighbor’s. In the early 1990s, North Koreans’ income was about one-seventh that of South Koreans.