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

References

  1. ↑ Feffer, John (2008-01-08). "Elect A Green Bulldozer?". The Korea Times.
  2. ↑ "Lee Myung-Bak (이명박)". Sejong Society of Washington, D.C. Archived from the original on 2007-10-10. Retrieved 2008-03-05.
  3. ↑ http://english.mosf.go.kr/about/dpm/dpm2.php%5B%5D
  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.


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