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N. KOREA VOWS TO REBUILD SHATTERED ECONOMY AMID NUCLEAR CRISIS.
SEOUL, Jan 1 Asia Pulse - North Korea urged its people Thursday to unite around its communist leadership to rebuild the country's shattered economy but gave no fresh indications how it would achieve the goal.
Describing its past 10 years as "full of trials and hardships which defy descriptions," the impoverished country said its future will depend largely on whether it would be able to lift its economy out of trouble.
"In the present times, economy and science guarantee a nation's strength and decide on its rise and fall," the North said in its New Year's message, carried by the country's news agency, KCNA.
The message, issued as before in the form of a joint newspaper editorial, said, however, that the North has no immediate plans to undertake any drastic reforms of its inefficient economic command system.
"Upholding a socialist principle, all projects should be organized and undertaken to result in profits," said the editorial, without elaborating.
In what some believed was an attempt to introduce market elements, North Korea drastically increased wages and prices in the summer of 2002, but experts said those moves backfired, triggering serious inflation.
The North has since taken no further actions to reform its economy, said South Korean officials.
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Source: HighBeam Research, N. KOREA VOWS TO REBUILD SHATTERED ECONOMY AMID NUCLEAR CRISIS.