Commodities

Although economic freedom is slipping, the Dominican Republic enjoys political stability, but corruption remains endemic. Economic performance has been solid, but is slowing and remains dependent on tourism, whilst the country continues to attract…

Switzerland is one of the world’s most democratic countries, with extensive economic freedom and strong state finances. Although inflation is under control, economic growth is set to slow further. Consumer market appeal continues to be supported by…

Although South Korea enjoys significant economic freedom, corruption amongst high-ranking officials is a blot on its political scene. Inflation is low and a trade deal could help exports, but the economy is slowing and foreign investment could be…

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…

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…

Candidacy for European Union (EU) membership could improve Bosnia and Herzegovina’s (BiH) economic freedom, although corruption is pervasive. The country has a relatively diversified economic base and whilst inflation is moderating, the economy is…

Whilst some aspects of economic freedom require improvement and corruption is growing, as is political instability, Belgium enjoys a strong rule of law. Inflation has been falling, but the economy is underperforming the peer average, although it is…

Azerbaijan’s authoritarian tendencies undermine democracy, whilst tensions with neighbours are increasing. Maintenance in the oil sector adversely affected the economy and the sector’s dominance continues to result in limited export diversification.…

Authoritarianism and corruption mar Iran’s economic freedom, which is repressed, but regional relations are improving. Sanctions are expected to continue to weigh heavily on the economy, which is exacerbating currency weakness and adding to…

Singapore’s economic freedom is the best in the world, although civil liberties are restricted and corruption is on the rise. Economic momentum is slowing and the external sector is susceptible to global cyclical changes, but inflation is well…

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…

Although corruption is a problem, the Czech Republic has strong adherence to economic freedom and solid government finances. Economic growth is set to slow amidst persistent inflation, but the foreign investment landscape is vibrant. Whilst…

Economic freedom in Japan continues to benefit the private sector, as does limited corruption, but fiscal health remains weak. Unemployment is low, but the economy faces external forces that are weakening its performance. Ageing and depopulation…

A low tax burden adds to Hungary’s economic freedom, but corruption remains an issue and state finances are under pressure. Economic performance has outpaced peers and unemployment is low, but inflation remains very high and will adversely impact…

This report examines inflation levels and drivers globally and in key countries. Global inflation is moderating, although divergence among the key economies increases. Higher volatility in the energy markets and disruption of agricultural commodities…

The global economy remains in the midst of a significant slowdown in Q3 2023. Economic activity is dampened as businesses and consumers globally face persistent inflation and further rises in interest rates in most countries. However, strong labour…

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…

With its very low tax burden and strong state finances, Bulgaria enjoys economic freedom, although political instability has been common. High inflation is adversely affecting the economy, but joblessness remains low. Although skills shortages are…

Although economic freedom is improving, the rule of law in Vietnam remains weak. Strong economic recovery has outpaced regional peers and inflation is not a major issue, but the external sector is susceptible to supply and demand shocks. Higher…

With a very low tax burden and reforms aimed at the business landscape, the United Arab Emirates (UAE) enjoys economic freedom, although the state’s grip on society continues. Oil production cuts will moderate economic growth in the short term, but…

The report analyses the economic state of Sub-Saharan Africa. It seeks to assess the opportunities in the region against the backdrop of its young, large and fast-growing population, as well as the bottlenecks Sub-Saharan Africa faces, including…

Economic freedom is negatively impacted by authoritarianism in China, with the state becoming increasingly repressive. The zero-COVID-19 policy has adversely affected the economy, but removal of restrictions could result in strong short-term…

Turkey is facing rising authoritarianism, along with the undermining of its secular society and democracy. Earthquakes in early 2023 are to negatively affect economic development considerably and increase state spending, whilst they have also clouded…

Thailand is prone to bouts of political instability, which has adversely affected economic freedom. Moreover, the military’s stranglehold and the influence of the monarch over politics have weakened the rule of law. Returning tourism has helped to…

Political opposition and civil liberties are restricted in Saudi Arabia, whilst its economic freedom continues to face challenges. The economy has performed strongly, but is set to slow down and reliance on oil remains high, although inflation is…

Pakistan’s ‘repressed’ status for economic freedom is largely due to political instability and the undue influence of the military. The economy performed better than peers, but suffers from high inflation and interest rates that suppress growth,…

Weakness in the rule of law negatively impacts economic freedom in Kazakhstan and the state’s authoritarian tendencies remain, but government finances are solid. Although the economy is set to perform relatively well, the export base is undiversified…

China’s increasing influence on Hong Kong’s political scene continues to undermine democracy. The economy is expected to recover well and inflation is under control, but the currency’s peg to the US dollar is leading to higher borrowing costs.…

Democracy has seen progress in Colombia, but the rule of law is weakened by organised criminal factions. Although slowing, the economy has outperformed peers, but the country is grappling with high inflation and reliance on oil remains substantial.…

Economic freedom is lacking in Argentina and the political landscape is unstable, whilst corruption continues to infiltrate the highest echelons of power. Hyperinflation is causing economic pain; however, currency weakness could help exporters. A…

Canada’s political stability and solid economic freedom form the foundations for strong private sector development. The economy will slow in the short term, whilst the country remains prone to global commodity price changes and is overly reliant on a…

The global energy crisis has had far-reaching implications for consumers, businesses and entire economies, highlighting the importance of the global energy transition and boosting energy efficiency, while creating opportunities for innovation and…

Although the tax burden is reducing, the Philippines remains ‘mostly unfree’ for economic freedom and geopolitical tensions are growing. Solid remittances helped the economy to outperform peers and infrastructure upgrades could support output…

Despite the business landscape enjoying relative economic freedom, political instability has been a common feature of Slovakia. Although joblessness is relatively low, wages are increasing, also adding to very high inflation, whilst the war in…

Corruption continues to hamper economic freedom and fiscal health could be improved, but Romania has entered a period of political stability. Economic development is set to slow, as high inflation erodes purchasing power and has led to greater…

An unbiased judiciary weakens the rule of law and corruption is more prevalent, but the business environment continues to thrive. Although the economy is expected to slow markedly in the short term owing to high inflation, medium-term prospects are…

Spain is suffering from a bout of political instability and economic freedom has worsened. Although economic development is slowing down, it continues to attract foreign investors. However, high, albeit falling, inflation has taken its toll on…

India has a relatively stable political environment, but discrimination of minority groups is on the rise and the country has weak state finances. Economic development has outpaced peers and prospects for international trade are positive, although…

Relatively high taxes and a lack of fiscal discipline are negatively affecting economic freedom, whilst France is prone to significant social unrest. Economic momentum is slowing, as higher borrowing costs adversely impact investment and confidence,…

Weak state finances have caused frequent bouts of instability in governance. Additionally, the US’s peacefulness has worsened, but its business landscape remains resilient. Economic growth is slowing in the short term, but robust energy exports have…

New Zealand’s business climate is dynamic and ‘mostly free’ for economic freedom, whilst corruption is not a problem, but political instability is rising owing to the scheduled general election in October 2023. As inflation continues to trouble…

Organised crime continues to negatively impact Mexico, owing to a weak rule of law, which is also beset by pervasive corruption, but government spending is a bright spot in economic freedom. The economy will continue to underperform peers, but…

Recent policies are eroding democracy and corruption is rife, although economic freedom has improved in the short term. The economy has proven to be resilient, helped by higher exports, whilst inflation is moderating and the prospects for foreign…

Although ‘mostly free’ for economic freedom and state finances have been improving, more corruption has been observed and its terrorism ranking has been deteriorating. Inflation is retreating, but economic growth is moderating, whilst energy import…

President Lula’s rise to power may not reduce political instability and polarisation in Brazil, and could negatively affect economic freedom, which is already ‘mostly unfree’. Exports have shown resilience and inflation is falling, but economic…

Australia is one of the freest economies in the world, with limited corruption and improving government finances. The economy is facing slowing growth and inflation continues to be high, but the export environment is becoming more favourable as…

Italy’s high public debt is a threat to stability and negatively affects economic freedom, but anti-corruption legislation has been reinforced. Economic growth is forecast to be subdued, as rising borrowing costs bite, and foreign investment is…

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…

This report examines inflation levels and drivers globally and in key countries. Global inflation is moderating, although volatility in the energy markets and faster consumption growth in China are among the key risks that could increase inflation.…

This report provides a global overview of commodity market trends from 2017 through to 2022, including price forecasts up to 2024 for the key commodities in the Agriculture, Energy and Metals sectors. Insights analyse long-term global trends that can…