747 Plan
The 747 Plan was a set of economic pledges in the 2007 campaign of Lee Myung-bak, who was elected President of South Korea. He held office from 2008 to 2013 but failed to achieve the goals.[1]
Named after the Boeing 747 aircraft, the plan pledged 7 percent economic growth, raising per capita GDP to US$40,000, and making Korea the world's seventh-largest economy.[2]
Lee's Strategy and Finance Minister Kang Man-soo is credited with the creation and design of the plan.[3]
At the beginning of Lee's presidency, Korea was not among the ten largest economies and had per capita GDP of under US$20,000. Within months of him taking office, the plan's success was jeopardized by the financial crisis of 2007–08 and ensuing global recession.[4] Eventually, the 747 Plan proved unsuccessful.[5][6]
See also
References
- ^ Feffer, John (2008-01-08). "Elect A Green Bulldozer?". The Korea Times.
- ^ "Lee Myung-Bak (이명박)". Sejong Society of Washington, D.C. Archived from the original on 2007-10-10. Retrieved 2008-03-05.
- ^ http://english.mosf.go.kr/about/dpm/dpm2.php[permanent dead link]
- ^ 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.
- ^ Pesek, William (3 March 2014). "South Korea's Wildly Plausible Growth Plan". Bloomberg View. Bloomberg L.P. Retrieved 12 May 2016.
- ^ "A tiger in winter". The Economist. The Economist Newspaper Limited. 28 March 2015. Retrieved 12 May 2016.
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