April 9 - While the capitalist world continues to struggle amidst the latest worldwide economic crisis, the socialist economy of the Democratic People's Republic of Korea (DPRK) experienced tremendous growth in its final 2008 fiscal year, and is expected to see even more progress in 2009.
According to the reported delivered by Finance Minister Kim Wan Su at the first session of the 12th Supreme People's Assembly of the DPRK, productivity and revenues from state enterprises had exceeded expectations by 5.7 percent in 2008. In total, all outlets responsible for generating state budget revenues exceeded the anticipated annual plans, finishing at 101.6 percent according to the official Korean Central News Agency (KCNA).
The DPRK also enjoyed significant increase in investment in infrastructure, heavy industry and energy production. State expenditures in the economy rose considerably in a number of sectors, too, including national defense/security, education, heavy industry, energy production and agriculture.
According to the report presented by Finance Minister Kim Wan Su, this year's expenditures will continue the trend of increased investment in key industries including civic and social institutions, culture, education, national defense/security, science/technology and agriculture.