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 2008 financial crisis and ensuing global recession.[4] Eventually, the 747 Plan proved unsuccessful.[5][6]
See also
References
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