747 Plan

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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