This study aims to serve as a reference to the formulation of the sixth Five-Year Socio-Economic Development Plan by assessing the fifth Five-Year Socio-Economic Development Plan, which was held previously.
The overseas conditions during the fifth plan underwent a series of changes, such as the slowing of global economic growth, a consistently high level of unemployment, the reinforcement of protectionism, sluggish global trade, an indexed international currency value, the continuously high interest rates as well as the increase in the cost of energy and other raw materials. These changes led to sluggish trade and the implementation of a new industrial structure in Korea that was less affected by the protectionism of advanced nations. The fifth Five-Year socio-Economic Development Plan succeeded in establishing a basis for drastic price stability, enhancement in the international balance of payments through a consistent increase in exports and the formation of a government-private cooperative system that shifted away from the government-led economic management method, but its efforts to improve the industrial structure and welfare are not viewed as satisfactory.
It seems that the sixth Five-Year Socio-Economic Development Plan is likely to be implemented when the external conditions are marked by stable oil prices, low international interest rates, stable growth, trade increase and changes in the international comparative advantage system, and when the internal conditions are marked by changes in the total population and population structure, changes in consumption and life patterns with a cut in demand for rice and an increase in demand for electronic equipment and automobiles, greater emphasis in welfare improvement and balanced development among regions, technological development, changes to the industrial structure, rapid globalization and market opening.
The second half of the 1980s, when the sixth Five-Year Socio-Economic Development Plan will be carried out, will be a critical period for the development of the Korean economy. In this respect, it is important to solve the problems that were identified during the fifth plan and to achieve advancements in the economic system and order, in industrial restricting, in the development of Korea as a technology-based nation, in the balanced development among regions and in the qualitative improvement in national life in order to make sure that Korea’s economic advancement is carried out on the basis of efficiency and equality.
In order to do so, the major political goals of the sixth plan should focus on achieving proper growth maintained through the expansion of employment, a surplus international balance of payments, relief in foreign debt burden, the promotion of industrial restructuring in each sector, the consolidation of small- and medium-size businesses, the expansion of investment in education and technology, monitoring the production of the information industry, the development of a market-focused economic order and the re-establishment of government functions.
제6차경제사회발전5개년계획(The sixth five-year socio-economic development plan)
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Economy < Economic Administration
Government and Law < Public Administration
|Holding||경제기획원; 한국개발연구원 국제정책대학원|