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Russia’s economic modernization policy and implications for cooperation between Korea and Russia

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Frame of Image chievement and Structural Challenges Russia achieved rapid economic growth till 2008, mostly as a result of high oil prices. The country proudly stood as a member of the G8 and a leading economy of the BRICS group. However, the global financial crisis in 2008 ruthlessly battered the Russian economy, bringing about a 7.8% reduction in GDP in 2009. The overdependence of the economy on energy resources was pointed out as the major factor in the GDP free-fall. The impact was so devastating that not even the recovery of oil prices could put Russian economic growth rates back on track. Rather, since 2010, growth rates continued to slow down. Russia’s Economic Modernization Policy and Implications for Cooperation between Korea and Russia 2 Russia’s economic growth model, which backed high economic growth until the mid2000s, was reaching its limit. Thus, securing a new engine of growth has come to the forefront of Russia’s economic policy agenda. Against this backdrop, then-president Medvedev announced an economic modernization policy as part of the industrial policy aimed at the structural diversification of the economy. The five industries selected as key priority sectors include energy efficiency, nuclear technology, ICT, space technology, and medical and pharmaceutical technology. organizations. Specifically, the Council under the President of the Russian Federation on Economic Modernization and Innovative Development of Russia is responsible for the coordination of these policie


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Title Russia’s economic modernization policy and implications for cooperation between Korea and Russia
Similar Titles
Material Type Article
Author(English)

Kang, Boogyun; Min, Jiyoung; Jeh, Sung Hoon

Publisher

[Sejong] : Korea Instititue for International Economic Policy
Date 2016-01
Journal Title; Vol./Issue World Economy Update:vol. 4(no. 2)
Pages 5
Subject Country South Korea(Asia and Pacific)
Russia(Europe)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic Administration
Holding KIEP; KDI School
License