KBS World Radio Korea Panorama 70 Years'

From the inception of the first plan in 1962 until the fourth, the Five-Year Economic Development Plans led the growth of South Korea’s economy. The goal of the first Five-Year Plan was to break out of the vicious socioeconomic cycle, while establishing the foundation of self-sufficiency. Through the plan, basic industries including oil, fertilizer and cement were constructed, and social overhead capitals such as electricity, railways, ports and communication facilities were expanded. During the fourth Five-Year Plan, “Growth, Efficiency and Equilibrium” became the basic goals, and technology and labor intensive industries were fostered in order to realize a structure of self-sufficient growth. In 1977, South Korea achieved the feat of reaching 10-billion dollars in exports.