Commodities

Algeria is repressed for economic freedom and corruption is endemic. Whilst the export base relies heavily on hydrocarbons, its progress will remain positive, given demand from Europe for natural gas, but the economy is set to underperform peers in…

Although corruption is being tackled, it remains pervasive in Angola, whilst one party’s grip on power weakens democracy. Economic momentum is slowing, largely owing to elevated inflation, but the foreign investment climate is improving and new trade…

In Benin, economic freedom is on the rise alongside advancements in tackling corruption, yet it is constrained by a decline in democratic principles and increasing public debt. While the economic growth is set to outpace regional peers, it is…

Botswana is among the freest countries in Sub-Saharan Africa, with cultural emphasis on peace and participation. The economy, led by the diamond trade, has rebounded post-pandemic, yet faces challenges in export diversification and a high youth…

Burkina Faso faces challenges amid political instability, violence and weak rule of law. Economic challenges are compounded by external shocks and a dependence on agriculture, yet rising mining exports offer some respite. Country’s young, growing…

Burundi faces significant challenges marked by political instability and rampant corruption. High public debt raises concerns about fiscal health. The country’s largely agricultural economy is affected by energy shortages and minimal foreign…

Cabo Verde has one of the most politically stable landscapes in Africa. However, the country stands among the ‘moderately free’ in economic freedom ranking. Continuous recovery of tourism helps to maintain economic growth, which is expected to remain…

Conflict and corruption blight Cameroon’s political landscape and have kept economic freedom depressed. Nevertheless, the economy exhibits strength in the face of global challenges, but inflation remains elevated and reliance on hydrocarbons is…

In the Central African Republic, political instability and violence persist, with the government's control limited largely to the capital. Endemic corruption and high levels of violence further exacerbate challenges in an economy highly reliant on…

Chad faces endemic corruption and autocratic governance, with ongoing terrorism threats. Economic growth is set to outpace regional peers over the long term due to relatively contained inflation, FDI inflows and oil revenues. The rapidly growing…

Comoros is ‘mostly unfree’ in economic freedom ranking, with corruption prevalent and civil liberties restricted. The economy is expected to outpace regional peers in the short term, but the economic base is narrow and exports are undiversified. The…

Congo-Brazzaville faces significant challenges with low levels of government transparency and pervasive corruption. The economy is heavily reliant on oil, yet efforts towards diversification are in progress. The population is young, however, is…

The Democratic Republic of Congo (DRC) is afflicted with growing political divisions in a precarious security and humanitarian climate. Growth should be supported by the mining sector in 2021, as trade improves and inflation descends. Strong…

Although Côte d’Ivoire is politically stable, corruption is rife and the rule of law is weak, whilst state finances have deteriorated. Economic momentum continues to outperform the regional average and inflation is low, but exposure to agriculture is…

In Djibouti, authoritative governance is restricting civic liberties with deteriorating perception of corruption. However, despite being "mostly unfree," the country’s economy attracts foreign investments and maintains inflation control via a…

Authoritarianism is leading to ‘repressed’ economic freedom in Egypt, whilst corruption remains an issue. Although energy exports have fuelled strong economic growth, output is set to slow down in the short term, as extremely high inflation…

Equatorial Guinea faces low levels of economic freedom and pervasive corruption, with significant political instability. Country’s economy, heavily dependent on hydrocarbons, is threatened by declining oil production, despite growth seen in 2022. The…

Eritrea's political environment is marked by persistent autocracy, with no movement towards democratisation. Corruption is rampant, and tensions with neighbouring countries persist. Military-controlled economy, reliance on remittances and exposure to…

Eswatini, Africa's last absolute monarchy, faces challenges with limited economic freedom and growing corruption. Country’s economy, heavily influenced by South Africa and suffering from high unemployment, is expected to underperform compared to its…

Although perceptions are improving, corruption remains pervasive and economic freedom has deteriorated. Ethiopia’s economy is resilient and has outperformed peers, partly driven by foreign investment, but inflation is high and dependence on…

Gabon faces challenges of corruption and a trend towards dynastic politics, yet shows signs of financial improvement. Country’s high reliance on oil is being counterbalanced by diversification efforts and foreign investment, particularly through…

Amid advancing civil rights and fiscal improvements, political and economic landscapes in the nation evolve. Agriculture and tourism are set to boost economic growth, yet the country grapples with inflation and import reliance. Socially, robust…

Whilst Ghana enjoys a relatively low tax burden, public debt is rising and the state is increasingly stamping out opposition. Economic momentum is slowing in light of inflationary pressures, but the foreign investment climate looks promising. Whilst…

In Guinea, political challenges stem from a leaning towards autocracy and persistent corruption. The country benefits from the mining sector yet faces high inflation and dependency on external funds. Rapid population growth and urbanisation strain…

Guinea-Bissau suffers from substantial political instability and corruption, which limits democracy. Economic recovery is likely to be stronger than peers, driven by higher demand for agricultural products, but large dependence on the sector is a…

Although economic freedom is limited and endemic corruption persists, international assistance is helping government finances in Kenya. Whilst economic growth is slowing, adversely impacted by high inflation, infrastructure upgrades will be…

Lesotho is undergoing intensive reforms to strengthen institutions and enhance public service transparency, yet it faces challenges like persistent corruption and a rising budget deficit. Economic growth lags behind regional peers, with a reliance on…

Liberia has managed its government finances effectively. Peacefulness in the country is also increasing, following turbulence caused by the 2017 elections, but corruption persists. The economy is set to outperform the regional average, whilst foreign…

Years of conflict have led to political instability in Libya. Rule of law is ineffective and corruption remains a major problem. Heavy reliance on hydrocarbons makes the economy extremely vulnerable to oil price shocks, whilst the precarious security…

Madagascar faces political instability and limited economic freedom, hindering structural reforms. While the primary sector underpins the economy, high inflation and elevated poverty rates challenge growth. Despite a young, expanding population and…

Malawi has relatively stable governments, yet deteriorating global peace and terrorism rankings suggests concerns over increasing violence. Economic forecasts are optimistic, with growth expected to exceed that of regional peers over the long term,…

Mali's political scene is marked by instability, significant military influence, and widespread corruption, with large areas beyond government control. Mali’s undiversified economy is reliant on international aid and its agriculture sector. The…

Mauritania suffers from political instability, whilst ethnic tensions are also a destabilising factor. However, government finances are relatively robust with fiscal room to manoeuvre. Recent hydrocarbon finds and rising commodity prices are expected…

Mauritius boasts a stable democracy and mature institutions, contributing to high economic freedom. Already highly diversified, the economy is set to grow in sectors like agro-processing and medical tourism. Country’s diverse population and low…

Although state finances are set to improve through higher taxation, economic freedom is challenging and corruption persists. Owing to lower agricultural output, the economy has slowed down markedly, but inflation is under control and fertiliser…

In Mozambique, ongoing conflict and corruption exacerbate economic challenges. The economy is hindered by high unemployment and reliance on agriculture. The young and growing population remains impoverished, facing healthcare and educational hurdles,…

Namibia has a relatively stable political environment, reflecting positive economic prospects. Investment in telecommunications is set to boost revenue growth in the coming years. Rapid population and consumption growth indicate a demographic…

The political climate in Niger is marked by corruption and external influences, including the presence of terrorist groups and foreign military aid. Economically, the country is poised for above-average growth, heavily reliant on agriculture and…

Weakness in the rule of law is negatively impacting economic freedom in Nigeria, as does pervasive corruption. Significant reliance on the oil sector can lead to volatile economic development, whilst persistently high inflation is adversely affecting…

Réunion, governed as a French overseas department is politically stable and has solid regulatory environment. Réunion’s economy is marked by high unemployment and dependency on imports, with France being a major economic support. The island has a…

Rwanda's political landscape is marked by a strong ruling party and improving global peace rankings, though challenges in fiscal health persist. Economic growth is set to surpass regional average, fuelled by consumption and services sector, despite…

High public debt and an inefficient judiciary characterise Sao Tomé e Príncipe (STP). Although the economy was negatively impacted by the Coronavirus (COVID-19) pandemic, adversely affecting tourism and commodity exports, recovery is nearing its…

Senegal's political landscape is marked by free elections and strong secularism, yet faces challenges with worsening peace and corruption perceptions. The economic growth is set to accelerate in 2024, bolstered by hydrocarbon production. The young…

Seychelles stands out in Africa with its stable political landscape and low corruption, but grapples with fiscal challenges. The economy is poised for recovery, driven by a resurgent tourism sector, though its heavy reliance on this industry presents…

In Sierra Leone, governance is being influenced by informal networks and traditional authorities. Global terrorism ranking is improving, but state finances are deteriorating. The country faces challenges from inflation and low economic…

Somalia is characterised by corruption and extremely distressed government stability indicators. The economy has much potential, albeit from a low base, with the state prioritising foreign investment in the future. Nevertheless, reliance on…

South Africa’s political landscape continues to be unstable, hindering economic freedom, whilst social unrest negatively impacts peacefulness. Although inflation is falling, the power crisis is adversely affecting economic development and…

Conflict has shattered peace and caused significant political instability in South Sudan, where corruption is rife. Although the economy is expected to recover in the short term, its trajectory will be modest, whilst large dependence on oil continues…

In 2023, a war erupted in Sudan, exerting a severe impact on the nation's social and economic advancements. The economy is expected to undergo a substantial contraction, alongside the rise of a significant humanitarian crisis marked by casualties,…

Although corruption remains a problem and the rule of law is weak, Tanzania’s state finances are sustainable and economic freedom is improving. Economic momentum is robust and inflation is well contained, but reliance on agriculture continues to be…