With the socio-economic advancement of the unification of Korea through managerial innovation, work spirit, and civic ethics as its goals, the 7th Five –Year Socio-Economic Development Plan aims to achieve the enhancement of business competitiveness, improvement of social equality and balanced development, openness, internationalization, and a foundation of the basis for the unification of Korea.
After the establishment of the Five-Year Socio-Economic Development Plan in 1962, the first and second plans focused on the establishment of a basis for economic development, and the third and fourth plans in the 1970s stressed industrial structure improvements based on the development of the heavy chemical industries. The fifth and sixth plans in the 1980s aimed to improve economic composition, including economic stability, promotion of competition, and improvement of national welfare. As a result, Korea could become the world’s 13th most prominent trade partner, with a per capita national income of USD 5,000 and USD 130 billion in trade scale.
During the 1990s, when the seventh Five-Year Socio-Economic Development Plan begins, the business environment at home and abroad is expected to form economic blocs, accelerate market opening, and emphasize quality-oriented technological competition rather than price competition. By 1996, the population in Korea is expected to reach 45.281 million, with rapid growth in the elderly population. The economic population is likely to increase by 62.8 percent, with growing demands for medical and cultural services. Accordingly, the seventh plan focuses on the improvement of development potential through technological and managerial innovation, qualitative improvement of national life and welfare, improvement of Korea’s position in the global economy, and the reinforcement of the roles of the public and private sectors based on the principles of free market economy.
The seventh Five-Year Socio-Economic Plan is forecast to achieve an increase of 7.2 percent in export, USD 5.5 billion in current account surplus, over USD 10,000 in GNP per capita by 1996, and an increase in SOC and others in the service industry despite a decrease in the agricultural and fishery industries. In terms of employment, the unemployment rate will remain stable, as it will reach 2.7 percent, and while the economic growth rate will be 7 percent and employment in the agricultural and fishery sectors is likely to decrease. Employment in the manufacturing sector will increase consistently due to reductions in work hours through automation and labor elimination.
The establishment of the seventh Five-Year Socio-Economic Development Plan has been drawn up by a research institution and underwent a series of revisions through policy meetings for the reflection of various opinions by stakeholders and the Practical Committee for Policy Adjustment. The formulation of this plan will be drawn up from August 1990 to December 1991, followed by the establishment of guidelines of plan formulation, plans of each section, finalization of the final draft, and publication of the plan. The investment project proposal should include an analysis of project feasibility and effect, and the selection criteria and procedure based on the review of the capacity to mobilize procurable financial resources. Also, the plans for each section should consist of 33 areas, including an analysis of the current state, forecast, and database on the demand and supply analysis of each section, finance, the total amount, finance, tax, and banking, and include an outlook, political objectives, and major policy tasks in accordance with the guidelines.
제7차 경제사회발전5개년계획 수립지침(Guidelines for the formulation of the seventh five-year socio-economic development plan)
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Economy < Economic Administration|
|Holding||경제기획원; 한국개발연구원 국제정책대학원|