the second five-year Economic Development Plan (1967-1971) was much more carefully prepared and participation of ministries concerned,members of the economic and scientific council,representatives of economic research institutes,various business associations,and foreign aid missions.
Since the formulation of the first five-year plan had suffered from a lack of reliable data,the second five-year plan stressed data collection and processing. It utilized a dynamic input-output model in testing the consistency of the overall plan and in estimating the sectoral investment and import requirements. As a result,the second five-year plan document was widely admired both in Korea and abroad.
The second five-year plan wasnetheless,rapidly outstripped by events,as investment and growth exceeded the planned estimates. To help the government keep abreast of the changing conditions and policy problems,the practice of preparing annual Overall Resources Budgets (ORBs) was introduced in 1967. These provided a framework for consistent short-run policymaking. They reviewed past performance,set short-term targets and allocations,and formulated appropriate implementation policies. The annual preparation of ORBs brought the staff of the EPB into much closer touch with relevant policymaking,and this became evident during the formulation of the trird five-year plan (1972-1976).