How does the economy of Cuba differ from the economy of North Korea?

Question:- How does the economy of Cuba differ from the economy of North Korea?

Answer

Cuba and North Korea both have centrally-planned economies that entail a high level of state intervention in the economy; however, the two countries differ in some specific ways on how they run their economy. Cuba has made market reforms since 1990s which would permit the private business and sales when and only when, foreign investment and remittances made from Cuban emigrants abroad. This has led to the modern formation of what can be referred to as the dual economy with state-controlled and other private Organization sectors. North Korea, however, has a more rigid, command, economy with less market element integrated into it and with state owned enterprises ruling supreme followed by central planning. Further, the political system in North Korea is more autarchic and sanctioned internationally than Cuba, although the latter is at the same time advancing its sale of exporting for other countries to buy into. These transitions have led to different conditions in the spheres of the economy; Cuba is more economically active compared to North Korea, where the economy is much more restricted, and there is barely any change.