9.4 Evaluation of the New Economy Plan
This plan dealt with diverse current issues in the Korean economy. The plan was a medium to long term plan that was used for economic management up to the mid~1990s in order for Korea to join the category of advanced countries. In the 1990s, it was expected that both internal and external conditions were vulnerable and uncertain. On the external side, as globalization and informatization proceeded, the international order was reorganized due to cut-throat technological Competition and growing regional integration On the internal side, as democratization and deregulation emerged, and per capita GNP reached US$10,000, the industrial structure and pattern of the standard of living of the people changed greatly.
This plan was to allow the Korean economy to join the category of advanced countries and per capita GNP did reach US$ 10,000 during the plan period. In the new economy plan, the major targets were continuously to seek equity and globalization. The additional target was to strengthen the basis for unification. We can assess that the economy plan established the framework of new economic management through diverse institutional reforms, contributed to the enhanced competitiveness of firms and international competitiveness through globaization. It has been learned that, despite the voluntary participation and active initiative of the people, sound economic policies are still essential, and they can only be supportive of a prosperous economy, Economic success now depends on both the government and the private sector.