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Social & Economic Policies of Putin's Fourth Term and Implications for Korea

Author

Listed:
  • Park, Joungho

    (Korea Institute for International Economic Policy)

  • Min, Jiyoung

    (Korea Institute for International Economic Policy)

  • Kim, Chorong

    (Korea Institute for International Economic Policy)

Abstract

Coming into the fourth term of Putin's presidency, it is expected that the previous regional development policy, which focused on infrastructure construction, and the rest of the socio-economic policy platform will continue in a similar direction as his third term. The construction of housing and infrastructure for regional development is mentioned at the beginning of the List of Instructions for the Implementation of the President's Message to Federal Assembly, dated March 16, 2018, and the concepts, strategies and programs related to regional development are being developed in accordance with this List. Other policies are seemingly in line with the third term. Beginning from as early as 2016, the government has announced the need for new policies on healthcare and medicine, housing, education, environment, digital economy, and economic growth. The Korean government needs to consider all the abovementioned policies currently ongoing within Russia. The healthcare, medicine and education sectors are not included in the "nine bridges" cooperation plan proposed by the Korean government, but they are regarded as the most promising areas for cooperation between the two countries. The environment sector is seen as a particularly promising new cooperation area between Korea and Russia, and this cooperation will be expanded through projects such as joint research on environmental monitoring systems and sharing know-how on waste management. The regional development sector includes the railway, port, and Arctic route of the "Nine-Bridges" suggested by the Korean government. When considering the policy direction of Russia, the construction of housing and infrastructure will be a particularly promising area to strengthen cooperation between the two economies. In addition, both Korea and Russia emphasize the importance of policies to support the growth of SMEs, meaning it should be possible to seek new avenues of cooperation between SMEs in the two countries.

Suggested Citation

  • Park, Joungho & Min, Jiyoung & Kim, Chorong, 2018. "Social & Economic Policies of Putin's Fourth Term and Implications for Korea," World Economy Brief 18-19, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kiepwe:2018_019
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    Keywords

    Putin; fourth term; Korea;
    All these keywords.

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