>   Future Research   >   Future Reports   >   Brief Reports

Brief Reports

Report that suggests the national future strategies based on the analysis of major future issues by the research team
[International Strategy Foresight] The New Normal and Korea’s International Economic Strategies, No. 2

Date : 2020-11-05 Writer : You Chae-kwang

Dr. You Jae-Kwang, a former research fellow of the National Assembly Futures Institute, suggested some strategies that may be adopted by Korea to secure “sustainable economic growth,” a critical economic national interest, in such times where the power struggle between the United States and China is becoming more intense.

Dr. You has presented the following international economic strategies in terms of trade, finance, currency, and ODA (Official Development Assistance) in his joint study with the Korean Association of International Studies in 2019.

Some international trade strategies that may be adopted by Korea are: decreasing the trade dependence on particular countries; active participation in Mega FTA; linking bilateral trade and multilateral trade; and cooperation based on the universality of a liberal order.

International finance strategies are: active cooperation with major global financial stability organizations; expanding the financial safety net; strengthening monetary agreements with other countries; expanding the financial market; and strengthening future-oriented digital financial diplomacy.

Regarding international currency strategies, in order to secure an appropriately stable level of exchange rates, he suggested the following strategies: accumulation of foreign exchange reserves; ensure that all strategies match the international standards of Capital Control or Capital Management Measures; and strengthening international financial diplomacy.

ODA strategies include: leading the increase in the scale of ODA; modify the paid/unpaid form of ODA in the mid- to long-term; choice and concentration in terms of ODA; and diversification of ODA portfolios.

※ “International Strategy Foresight” is a brief-type research report to present national future strategies for Korea based on the analysis of major future issues by the research fellows of National Assembly Futures Institute.

Inquiries: Former NAFI Research Fellow Dr. Yoo Jae-Kwang (you.36@buckeyemail.osu.edu)