North Korea to meet a famous visitor – world economy crisis

[img_assist|nid=11003|title=|desc=|link=none|align=left|width=100|height=67]One of the world’s most closed economies North Korea will likely experience the aftermaths of the global financial crisis as well. The trade of the country with the rest of the world accounts for only $2 billion a year. Now its biggest partner China is cutting prices on the resources supplied by North Korean companies.

In the downturn environment that inevitably touched on Chinese market the companies buying North Korean ores and minerals like zinc, which are some of the biggest exports in the North, had no other way but to slash the prices they're willing to pay. As a result a number of North Korean mining firms halted the production. Besides, it produced a drop in the smuggling of ore and scrap.

The world economy crisis that led to universal drop in commodity prices caused Chinese traders to impose new process on North Korean companies which will apparently be a new burden on the people living there bringing terrible times.

Since the famine of the late 1990s North Korea is experiencing its worst food shortages as per the statements of international aid agencies. More and more citizens express their resentment with the reduced food rations and government crackdowns on market activities.