Most people know little about North Korea, one of the few remaining communist countries in the world. What is even less known is what time is it over there right now. A question that is so simple yet so difficult to answer when it comes to this particular nation, as there are a lot of nuances to take into account.
Amid the ambiguity, lets explore what time it is in North Korea. To start with, North Korea is likewise known as the Democratic People’s Republic of Korea (DPRK). It is situated in East Asia, directly north of South Korea and rests among China and Russia. North Korea is in the Korean Standard Time zone, which is GMT + 9 hours. In simple words, you can say that North Korea is 8 hours ahead of Greenwich Mean Time.
Nevertheless, the country relies upon its own way of managing the period of time. As a matter of first importance, the nation changed its name from Japan Standard Time to Pyongyang time in 2015. This was done as a way to turn away from Japan’s colonization history. The official time zone is printed as KST and is 8.5 hours ahead of GMT, this may appear to be a little strange because the time zone is not round but range from GMT 8 to 8.5 hours. To the local people of North Korea this is known as Pyongyang time and is the method of time keeping applied in the nation.
North Korea in its chosen way follows daylight savings time. Its Daylight Saving Time begins annually on the last Sunday in March and runs until the last Sunday in October. For example, on the off chance that North Koreans tell you that it is 9 pm, do double check with them if it is Daylight Saving Time or not, as the time can differ.
Since North Korea is in the GMT + 9 timezone, it is fourteen hours ahead of the US EST timezone or 19 hours ahead of PST. This means that, when it is 9 am in North Korea, it is 7 pm in California and 10 pm in the New York City.
Interestingly North Korea does not follow the International Date Line, it is the only country to do so. This means that North Korea does not come together with the world on a day basis as other nation do. For instance, when it is 12 AM according to GMT it will still be 9 am according to Pyongyang time, because they don’t follow the International Date Line. In this manner, North Korean days are always 24 hours behind of GMT.
What Is The Currency Used In North Korea?
North Korea’s official currency is known as the North Korean Won (KPW). As per the International Monetary Fund (IMF), the won is only accepted and used within North Korean’s borders and cannot be traded currency, nor money transfers made from foreign countries.
The currency notes in North Korea is printed by the government’s Central Bank in denominations of 5, 10, 50, 100, 500 and 1000. There are also coins available in regularly used in North Korea and come in denominations of 1, 5, 10, and 50 chon, 100 mun and 500 won.
The North Korean Won is not openly traded on international foreign exchange markets and its value does not appear to be fixed with any major international currency. As per economists, the North Korean Won essentially has no fixed value in the global market. The overall purchasing capability of the currency is far lower than it appears in fact.
North Korea’s Trading Economy
Trade export is one of the main money sources of North Korea and trade highlights incorporate, mechanical gear, armaments, however even oil, coal, iron ore and other mined products, garments, and sea-green items. The country has embargoes with various nations, which thusly implies that the partnered nations can’t exchange with North Korea. The embargoes have a major influence in North Korea’s economy.
Like most planned economies, North Korea follows a centrally planned economy, this is clearly shown in the diversity of North Korea’s trading partners. The country’s primary trading partners are China (85%), India, Pakistan and Thailand. It’s as if the nation is competing with its unique form of autarky, or self-sufficiency.
In any case, the country doesn’t follow the World Trade Organization guidelines, that permit commercial exchange between nations, though North Korea has no less than 87% of outsiders selling capital products and administrations to the country.
North Korea’s Labor Force
Different wellsprings of North Korea’s economy incorporate its work force. Most North Koreans locals work in different kind of segments, for example, IT, banking, fabricating, data innovation and medicinal services. Labor Division in North Korea is ruled by the government and State-possessed organizations are the greatest managers in the nation.
The elevated level of Central Bank guidelines, attractive job offers and taxation policies make North Korean locals pay higher taxes than different countries from the Asian area. North Korea is additionally one of just not many nations that doesn’t have an unemployment welfare system for its locals.
North Korea has furthermore step by step been developing on innovation and offering instruction to its citizens. North Korea is planning to send North Korean space travelers to the Moon, to build up the nation’s non occupant populace and make a presence in other districts.
What Economic Impact Does North Korea Have?
North Korean’s economy has expanded drastically. The GDP rate of North Korea in the most recent 5 years has demonstrated a steady development, particularly in the process of export and industrialization. It is as yet far to an ideal level yet has developed quickly in correlation.
Indeed, North Korea’s economic development has slowed down toward the end of 2019, in spite of the fact that this was followed by an expansion in buying value of North Korean Individuals at the year-end.
In 2020 The Pentagon said in a news discharge that North Korea’s economy is adequately expected to contract by 3.5% It is asserted that this contact is strengthened by the Coronavirus pandemic, lower execution by state enterprises, the decrease of merchandise and the impediments imposed on North Korea because of the US consents.
North Korea’s Internaltional Relationships
North Korea keeps up official diplomatic relations with only four nations, three of which are Communist countries – China, Cuba, Laos and Vietnam. Furthermore, North Korea furthermore has Embassies in 24 different nations, yet it isn’t clear if they all maintain formal diplomatic relationships.
The foreign policy of the North Korea is something different and the nation follows, however a non-partisan “internal addition” strategy, indicating, attempting to balance its relations with different countries and being nonbiased to any nations on the planet.
To represent this idea, North Korea serves to fortify ties with the South Korea, and it means to have a more amicable connection with the United States too. This move was made possible by the Former President Donald Trump and the North Korea leader Kim Jong Un’s summit in Singapore.
Role Of Digital Platforms In North Korea
Although North Korea is normally portrayed as a nation where citizens are emphatically forbidden from using the internet, some parts of the North Korean population do in fact get access to digital platforms with some help from the Government.
Among citizens, digital platforms are used for North Korean’s political, economic and educational development. To advance North Korea’s industrial capabilities, the nation is attempting to set up specialized platform where North Korean citizens can connect with other countries around the globe
Furthermore, in the course of the most recent years, the North Korean government has been putting forth various projects with the intent of currentizing its economy. The nation is additionally preparing its youth to be prepared for the expected economic changes and advancements
Such changes will give North Koreans more access to the world economy, allowing more talented workers to develop their skills in foreign countries. This move could also potentially result in strengthening North Korea’s international relationships in the future.
Conclusion of North Korean’s Political System
North Korea is one of the only remaining communist countries in the world, with strict regulations and a centralised economy, with no connection to international markets yet. North Korea’s official timezone is 8.5 hours ahead of GMT and Pyongyang time. North Korean currency is only accepted within its borders and its value is not fixed and is far lower than it appears in fact.
North Korea has embargoes with different countries which limit its potential to enter into global trade. North Koreans pay higher taxes than other countries from the Asian area and also don’t have any unemployment welfare system. North Korea is developing its technology and space exploration and also improving its international relationshipso with countries such as the USA and South Korea. North Koreans also have increasing access to digital platforms and the nation is looking to create more economic opportunities for its citizens.