The planned annual average growth rate was 7.0%, but the actual growth rate was 5.0% lower than the target rate during the plan period. The new economy plan had failed to achieve its targets during the planned period. The annual growth rate of GNP (5.0%) was lower than the original growth rate target (7.0%). In 1997, per capita GNP was expected to realize $12,305, but it could reach only $10,307. The annual inflation rate rose to 6.6 to percent, more than twice the original target of 3.2 per cent. The continuing rise in wages as well as higher prices in agricultural product was a major cost-push factor. The balance of payments also recorded large deficits.
The 100-day plan was not as successful as expected because the voluntary participation of all economic agents was not obtained in connection with the reforms, and corporate sector reform was not implemented properly either.
The liberalization and reform had profound effects on the economy and politics. Since the liberalization, the Korean economy had opened to competition from abroad; this pushed the globalization of Korean firms. It was clear that the future prosperity of Korea clearly lay in the hands of the private sector. The era of government control was over