Park Chung-hee, stands as the dominant figure in the Republic of Korea's history and particularly in the development of modern South Korea. Park seized power through the May 16 coup, a military coup d'état that overthrew the Second Republic of South Korea in 1961 and ruled as a military strongman at the head of the Supreme Council for National Reconstruction until his election and inauguration as the President of the Third Republic of South Korea in 1963.
Park moved quickly to correct this imbalance. Within weeks of his coup, he had established a body to provide central government direction to economic development. A five-year plan was developed, and Park put knowledgeable economists in charge of implementing it.
Under the rule of Park Chung-hee, South Korea began to make a successful recovery in its economy. Park Chung-hee announced the first 5-year Economic Development Plan to mobilize national resources in establishing a self-supporting industrial economy. This psychological boost gave Koreans confidence and motivation in its path to economic success.