GDP growth: 3.9%

GDP per head: $64,190 (PPP: $101,990)

Inflation: 1.3%

Budget Balance (% GDP): - 6.6

Population: 5.6m

Notwithstanding the biggest stimulus package in its history and the successful
suppression of the virus, the country suffered one of Asia’s biggest recessions in 2020
and recovery for the export-led economy will be slow. Preparations by the prime
minister, Lee Hsien Loong, to transfer power to the fourth generation of leaders from
the ruling People’s Action Party, in charge since 1959, will be put on hold after the PAP’s
disappointing performance in the general election of 2020. Instead he will focus on
improving government performance in areas that concern younger voters, such as
immigration, reducing housing costs and improving social welfare.

South Korea

GDP growth: 2.4%

GDP per head: $32,870 (PPP: $44,530)

Inflation: 1.3%

Budget Balance (% GDP): - 5.9

Population: 51.3m