The Democratic Republic of Korea is in Eastern Asia, in the northern half of the Korean Peninsula bordering the Korea Bay and the Sea of Japan, between China and South Korea. The climate is temperate with rainfall concentrated in summer. The official language is Korean. North and South Korea share the same language but there are differences in dialect. The main religions are atheist or non-religious and traditional beliefs. The economy of North Korea is an industrialised, highly centralized command economy. The role of market allocation is sharply limited - mainly in the rural sector where peasants sell produce from small private plots. There are almost no small businesses. In North Korea there are strict rules regulating the conduct of foreigners/expatriates as well as locals. North Korean society is hierarchical, placing most importance on seniority. Senior hosts will be introduced first. Expatriate business dress is conservative, comprising suits. Businesswomen are expected to dress conservatively. The security risk for expatriates in North Korea is medium to high. Risks include inadequate travel permission and documentation, information security, enforced travel changes, and arbitrary interrogation or detention. The currency of North Korea is the North Korean Won (KPW). Credit cards and travellers’ cheques are not accepted. Some hotels may insist on full payment in advance when checking in. Medical facilities in North Korea are poor and limited. The population of the Democratic Republic of Korea is 25.4 Million (2019 est.), while the inflation rate (CPI) is 55% for North Korea as at July 2013. Xpatulator Hypothetical Tax for North Korea is based on the current personal income tax rate of 0% as there is currently no personal income tax.
Cost Of Living
The cost of living for expatriates / professional migrants in In Democratic Republic of Korea, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Democratic Republic of Korea as at 1 July 2019 is high in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: High 2) Clothing: High 3) Communication: Very Low 4) Education: Average 5) Furniture & Appliances: Very High 6) Groceries: Very High 7) Healthcare: Low 8) Household Accommodation: Very Low 9) Miscellaneous: Low 10) Personal Care: High 11) Recreation & Culture: Very Low 12) Restaurants Meals Out and Hotels: Low 13) Transport: Very High Democratic Republic of Korea is for example 15% more expensive than USA for groceries, -56.9% cheaper for household costs than UK, and 323.5% more expensive for transport costs than India. The hardship premium for Democratic Republic of Korea for an expat from Australia, is for example 30%, i.e. host location (the Democratic Republic of Korea) premium of 40% minus home (Australia) location premium of 10%. Democratic Republic of Korea is ranked as a extreme hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Democratic Republic of Korea? Register subscribe to your home location and Democratic Republic of Korea and run your personalised reports.