747 Plan

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The 747 Plan was the name given to a set of economic goals delivered as pledges in the 2007 campaign of Lee Myung-bak to be elected President of South Korea. Lee won the election and held office from 2008 to 2013, but the goals were not reached.[1]

The plan was named after the Boeing 747 aircraft and pledged 7 percent economic growth, increase in the GDP per capita income to $40,000, and to make the nation the 7th largest economy in the world.[2]

Kang Man-Soo, the Minister of Strategy and Finance, is credited with the creation and design of the plan.[3]

At the beginning of his presidency, South Korea was not among the ten largest economies and had per capita GDP of less than $20,000. Within months of Lee taking office the plan's success was jeopardized by the financial crisis of 2007–08 and ensuing global recession.[4] The plan was not successful.[5][6]

See also[edit]

References[edit]

  1. ^ Feffer, John (2008-01-08). "Elect A Green Bulldozer?". The Korea Times. 
  2. ^ "Lee Myung-Bak (이명박)". Sejong Society of Washington, D.C. 
  3. ^ http://english.mosf.go.kr/about/dpm/dpm2.php
  4. ^ Song, Jung-a (24 March 2008). "S Korea leader's '747' pledge on economy hits turbulence". Financial Times. The Financial Times Limited. Retrieved 12 May 2016. 
  5. ^ Pesek, William (3 March 2014). "South Korea's Wildly Plausible Growth Plan". Bloomberg View. Bloomberg L.P. Retrieved 12 May 2016. 
  6. ^ "A tiger in winter". The Economist. The Economist Newspaper Limited. 28 March 2015. Retrieved 12 May 2016.