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What type of economy does North Korea have?

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Quick Answer

North Korea has a command-type economy. This type of economy is also referred to as "socialism," "centrally planned economy," "state-run economy" or "communism."

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Full Answer

North Korea is the upper half of the Korean Peninsula, located in Eastern Asia. It is a communist nation under a one-man dictatorship, which directly controls the economy. The country has one of the most closed-off economic systems, with a global ranking of 121st in terms of exports and 131st in terms of imports, as of 2012. North Korea's major trading partners are China and South Korea. Other countries with a command-type economy include Cuba, Myanmar, Laos and Iran.

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