Jockeying for position ahead of the presidential election in December 2007 is well under way. The opposition Grand National Party (GNP) and its candidate, Lee Myung-bak, continue to lead in the polls, but the political scene remains volatile. The current president, Roh Moo-hyun, will have little influence over economic policy during the remainder of his term, which ends in February 2008. The nest legislative election, which is scheduled for April 2008, is likely to be won by the GNP. Real GDP will expand by an average of around 4.7% a year in 2008-09. The won will continue to appreciate against the US dollar in 2008-09, helping to contain inflationary pressures. The current account will move into deficit in 2009, but only by a small margin