3.5 evaluation of the first plan
The first five-year plan lacked sufficient preparation time, expertise in planning and data availability. Therefore, systematic planning models such as input-output model or econometric planning models could not be used. In hindsight, the first plan can be assessed as improperly constructed in terms of consistency, validity and optimality. During the planned period, it had difficulties from the outset mainly due to the currency reform and poor harvest in 1962; consequently, in 1964, the original plan was remarkably revised. However, in 1966, when the first plan had been completed, the actual annual growth rate exceeded the planned growth rate surprising the planning specialists. They presumed that the plan would fail to achieve the expected target rate. As a result, the planning specialists and the general public tended to have a firm confidence in the prospects of the Korean economy, the preparation of economic planning and its implementation capacity.