Relations with North Korea, the U.S. and China will be of particular importance, said Tom Rafferty, Asia regional director at The Economist Intelligence Unit.
While South Korea has historically supported social issues like human rights and democracy, Friedhoff said the country now faces new economic trade-offs in maintaining those positions.
"I think the big challenge is going to be the fact that when you look at South Korean imports from Russia, roughly 60% of those imports are either crude petroleum or refined petroleum," he said. "There was tepid response to [Yoon and Lee] initially as candidates, so Yoon really has his work cut out for him, as he mentioned in his acceptance speech, to unite the country," Draudt told CNBC'sGi-Wook Shin, a professor at Stanford University agreed, saying that domestic politics could be filled with a lot of tension and fights in the coming years.
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