I am no fan of oppressive regimes, centralised planning or Stalinism, but it always grinds my gears when people point to the collapse of the Soviet Union as the One, Absolute proof that centralised planning is always doomed to failure.
While I'm sure that the hierarchy and command structure of the government and economy had their parts to play in the collapse, their importance is often overplayed by gargantuan proportions.
At the time of the October Revolution, Russia was a largely agrarian society, which henceforth industrialised and developed remarkably quickly under Stalinist Five-Year-Plans, in the midst of the Great Depression. However, it was still poor and barely industrialised when it was decimated by WWII. Despite this, it recovered to become a major world power that challenged the US during its peak.
US GDP has consistently been 3-5 times USSR GDP during the the latter's entire period of existence. Despite this, the pressures of the Cold War forced USSR military spending to match US spending, reaching more than 25% of GDP.
Any country in a similar position would be doomed to crack under the economic strain, regardless of the structure of government or economy.