747 Plan Explained
The 747 Plan(747공약) 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
Notes and References
- News: Feffer. John. Elect A Green Bulldozer?. The Korea Times. 2008-01-08.
- Web site: Lee Myung-Bak (이명박) . Sejong Society of Washington, D.C . 2008-03-05 . https://web.archive.org/web/20071010174730/http://www.sejongsocietydc.org/biography_wk7 . 2007-10-10 . dead.
- http://english.mosf.go.kr/about/dpm/dpm2.php{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }}
- Web site: Song. Jung-a. S Korea leader's '747' pledge on economy hits turbulence. Financial Times. The Financial Times Limited. 12 May 2016. 24 March 2008.
- Web site: Pesek. William. South Korea's Wildly Plausible Growth Plan. Bloomberg View. Bloomberg L.P.. 12 May 2016. 3 March 2014.
- Web site: A tiger in winter. The Economist. The Economist Newspaper Limited. 12 May 2016. 28 March 2015.
