BIS Review 62/2007  5  Medium-term prospects The Approach Paper for the Eleventh Five Year Plan (2007-08 to 2011-12) targets an average annual growth of 9 per cent relative to 8 per cent targeted by the Tenth Plan (2002-03 to 2006-07).
However, putting such words into action without setbacks is as important as the drawing up of appropriate plans. Economic agents including firms, financial institutions and households need to realize that they can enjoy the fruits of growth for a long period of time only if they participate in structural reform and endure the resulting pains. Dear fellow members of the Bank of Korea!