Figure skating pairs competition excluded from schedule of 2017 Winter UniversiadeSport January 16, 20:34
DPR top diplomat blames Kiev for dodging discussion of Steinmeier formula implementationWorld January 16, 20:14
IMF maintains forecast for global economy growth in 2017 at 3.4%Business & Economy January 16, 19:45
Six more settlements join Syria ceasefire regime — Defense MinistryWorld January 16, 19:22
Foreign Ministry: Washington initiating new arms race in EuropeRussian Politics & Diplomacy January 16, 19:15
Diplomat says anti-terror efforts must not be hostage to political ambitionsRussian Politics & Diplomacy January 16, 19:08
Russian football team to use training camp abroad for 2017 FIFA Confederations CupSport January 16, 19:00
Russia's Nornickel to present social, economic projects at Arctic forumBusiness & Economy January 16, 18:51
IMF expects oil prices to grow by almost 20% in 2017Business & Economy January 16, 18:39
PYONGYANG, November 11 (Itar-Tass) — North Korea’s economy is undergoing “epochal changes, amounting to an industrial revolution,” it is said in a commentary of the North’s official Korean Central News Agency (KCNA) that on Friday responded to the pessimistic forecasts made by the US and South Korean experts about the state of North Korea’s economy that is experiencing, in their opinion “a decline for the second year in a row.” The agency believes that the documents published by them “distort the true state of the economy in the DPRK that develops on the basis of the principle of self-reliance.”
“Over the past two years, our country,” KCNA reports, “on the contrary, has achieved unprecedented success in socialist construction and raising living standards.”
Dishonest persons in the United States and south Korea are busy talking nonsense about the DPRK's economic situation, according to KCNA. They have asserted that the economy in the DPRK has been on the decline for two consecutive years and that a certain country distributed a document recommending investors to be “careful” in their investment in the DPRK. All these are sophism aimed to distort the true picture of the DPRK's self-supporting economy.
The recent two years, mentioned by them, are a stirring period in the DPRK in which unprecedented miracles and innovations have been wrought in the efforts to improve the people’s standard of living and build socialism. In this period the DPRK witnessed the successive completion of its plans for economic modernization, so ardently desired and accelerated by it with much efforts. In other word, it ushered in an epochal phase in building an economic power. Today the DPRK's economy is at the highest tide of its development ever in history, the agency stressed.
Significant progress has been made in putting the national economy on a Juche-oriented, modern and scientific basis. Epochal changes equivalent to the industrial revolution in the 21st century are taking place in the DPRK. The DPRK entered a higher stage of socialist economic construction in which knowledge promotes the modern industry.
The Ryonha General Machinery Plant pushed back the frontiers in 11-axes processing. It is leading the world in CNC technology and machine-building industry. The Juche-based steel-making system was perfected and Juche fibre and Juche fertilizer are being churned out in the country.
The DPRK also succeeded in nuclear fusion and made a signal progress in bio-engineering development. The day is near at hand when a light water reactor entirely based on domestic resources and technology will come into operation in the DPRK, KCNA said.
Solid foundations have been laid for providing the people with rich material and cultural life and are now paying off in the country. All these are a great fruition of the era of advance for great surge in which the Workers' Party of Korea and the DPRK government secured powerful nuclear deterrent and, on this basis, concentrated efforts on the economic construction and the improvement of people's living standard.
Our country has tremendous economic foundations and potentials and abundant resources, and it is in eco-geographically excellent location as a centre in the Asia-Pacific region. Accordingly, other countries’ zeal for investment in it is growing higher with each passing day.
According to the commentary, North Korea has attained notable success in the development of its economic relations with neighbouring countries.
“This being a hard fact, some dishonest forces are getting hell-bent on smear propaganda. It is an absurd and reptile deed intended to hinder other countries' investment in the DPRK and intercept its external economic relations. Lurking behind such deed is an ulterior scheme to sow discord in between the DPRK and China and between the DPRK and Russia the relations of which are developing on good terms day by day,” KCNA noted.
The talk about “DPRK’s economic meltdown” is little short of a false rumour floated by those who are astounded at the DPRK’s vigorous advance toward the victory in 2012, it said.
According to KCNA, the economic meltdown or collapse can be seen in the US which has about 20 million destitute persons or in south Korea where more than 40 persons commit suicide everyday due to unemployment and destitution. Poor sophism made by the hostile forces of the US and south Korea means that they admitted themselves their defeat in the showdown with the DPRK.
It is the disposition and tradition of the army and people of the DPRK to advance with self-pride full of conviction despite the enemies' despicable smear campaign. The DPRK will as ever boost cooperation with all other countries friendly to it while more strikingly displaying the potentials and might of its independent economy, KCNA said in the commentary.