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 The president of the Republic of Korea (), also known as the president of South Korea (often abbreviated to POTROK or POSK; ), is the head of state and head of government of the Republic of Korea. The president leads the State Council, and is ...

. He held office from 2008 to 2013 but failed to achieve the goals. 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. Lee's Strategy and Finance Minister Kang Man-soo is credited with the creation and design of the plan. At the beginning of Lee's presidency, Korea was not among the ten largest economies and had

per capita GDP Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is ofte ...

of under US$20,000. Within months of him taking office, the plan's success was jeopardized by the

financial crisis of 2007–08 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of f ...

and ensuing

global recession A global recession is recession that affects many countries around the world—that is, a period of global economic slowdown or declining economic output. Definitions The International Monetary Fund defines a global recession as "a decline i ...

. Eventually, the 747 Plan proved unsuccessful.

References

Economy of South Korea Lee Myung-bak Government Politics of South Korea {{SouthKorea-stub

See also

References