Commodities

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…

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.…

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…

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…

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…

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…

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…

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 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…

Although the tax burden is increasing, the Netherlands continues to enjoy significant economic freedom and solid state finances. High prices have negatively impacted economic momentum, but inflation is falling and unemployment is low. The quality of…

The United Kingdom’s (UK) political landscape has been volatile, whilst Brexit continues to weigh on economic freedom. Owing to high inflation that has eroded consumer purchasing power and business investment, economic output is set to slow markedly,…

Although Venezuela is repressed for economic freedom and suffers from endemic corruption, possibilities of restructuring its significant debt pile have emerged. The economy remains massively reliant on oil and is slowing, whilst hyperinflation…

Political stability and better government finances are adding to economic freedom in Costa Rica, but corruption is on the rise. Foreign investors continue to flock to the country, but the economy is moderating and prices are falling. Discretionary…

Whilst Georgia’s government finances have improved and a low tax burden benefits businesses, governance is becoming more authoritarian and moving away from democratic ideals. Economic development was extremely robust in 2022, thanks to tourism,…

A weak rule of law is adversely affecting economic freedom, whilst Guatemala is witnessing political instability and suppression of freedom of expression. Although resilient, output growth is slowing as remittances reduce and the US economy falters…

Although Lithuania enjoys economic freedom and solid state finances, relations with neighbours have worsened and add to uncertainty. The economy has been hindered by the highest inflation rate in the eurozone and output growth could enter negative…

Norway enjoys considerable economic freedom and adheres strongly to the rule of law, whilst state finances are in rude health. Output development is slowing, owing to challenges for the global economy, but inflation is under control and exports have…

Although economic freedom has worsened and political instability persists, state finances have improved and taxation is low. North Macedonia’s economy has struggled under the weight of elevated inflation, but this is falling and foreign investment…

Low taxation adds to Qatar’s economic freedom, but democracy is lacking and power is hereditary. Hydrocarbons are the mainstay of the economy, making the export base very undiversified, but inflation is falling and infrastructure is expected to be…

Turkmenistan’s authoritarian tendencies have repressed economic freedom, although state finances remain solid. Economic growth has slowed and is highly dependent on hydrocarbons, but infrastructure investment should be supportive in the short run.…

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…

Considerable state involvement hinders economic freedom in Bolivia, whilst government finances remain weak and a threat to stability. Although inflation has been controlled effectively, through subsidies and solid food production, the economy is…

A low corporate tax rate and better finances are leading to enhanced economic freedom in Croatia, although corruption continues to be an issue and politics is moving to the right. Adoption of the euro could boost investment and tourism, but the…

Denmark enjoys considerable economic freedom and is one of the least corrupt countries globally, but the income tax burden is high. The economy is slowing markedly, but inflation has retreated and unemployment is lower than peers. Although there is a…

Although Estonia enjoys substantial economic freedom and tackles corruption effectively, state finances are deteriorating but remain sustainable. The economy is experiencing recession and stagflation, whilst its highly open nature creates risks for…

Although the political scene is facing instability, Sweden will soon join NATO, whilst its state finances remain sustainable. A slowing economy has been hampered by elevated food and energy prices, but inflation is falling and infrastructure upgrades…

Although corruption is being tackled and government finances are strong, Uzbekistan remains an authoritarian state. Thanks to higher remittances, exports and consumption, economic development has been solid, but elevated inflation persists. Reduction…

Forming a coalition with the far right could create policy disagreements, but Finland continues to have considerable economic freedom and limited corruption. The economy has slowed significantly, owing to a weak external sector resulting from the war…

Although state finances are improving and political stability has returned, Greece continues to have an issue with corruption. Economic development is set to slow further, but inflation has also fallen markedly, but high unemployment remains a…

As one of the freest countries in the world, Ireland’s private sector enjoys considerable economic freedom, whilst state finances are solid. Robust economic momentum is giving way to a slowdown, as inflationary pressures persist, although exports…

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…

Although Jordan’s tax burden is relatively low, limited economic freedom hinders private sector progress and state finances are stressed. Economic recovery is continuing and inflation is very low, but the foreign investment climate faces challenges…

Although Austria enjoys solid economic freedom and a strong rule of law, a shift to the far right could create policymaking instability. Whilst unemployment is relatively low and inflation is falling, the economy is set for a marked slowdown in the…

Although Bahrain’s political system lacks freedoms and corruption remains pervasive, an extremely low tax burden raises economic freedom. Whilst inflation has again entered negative territory and economic development is moderating, the foreign…

Although public debt is contained, Bangladesh has major challenges for economic freedom and corruption remains endemic. The economy has performed strongly, but inflation is rising as a result of political instability and reliance on textiles is…

Frequent government changes have led to political instability in Kuwait and corruption is pervasive, although state finances remain in rude health. A strong economic performance is due to high oil prices, as well as solid domestic demand, but…

Tunisia continues to be ‘mostly unfree’ for economic freedom, given the increasing stranglehold of the presidency that is resulting in human rights violations. Although inflation is falling, its elevated level is negatively affecting the economy,…

Stability and less corruption than peers are cornerstones of Uruguay’s political environment, whilst economic freedom is one of the best regionally. Drought will weigh on short-term economic development, owing to high dependence on agriculture, but…

Corruption undermines economic freedom in Panama and protests have been widespread, although state finances are strengthening. Economic momentum has slowed, but foreign investment is increasing and the Panama Canal continues to play an important role…

Corruption amongst high-ranking state officials has heightened political instability in Portugal, whilst public debt remains elevated. Economic momentum is slowing, but inflation has fallen markedly and technological prowess is supporting foreign…

Sri Lanka is grappling with multiple issues including weak economic freedom, corruption, and denial of human rights. Furthermore, an economic crisis led to political instability and trigged hyperinflation, although prices have fallen fast, and output…

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…

Violence mars Honduran society and economic freedom, although state finances continued to improve. Economic momentum is slowing, as exports and remittances growth slow, but lower inflation will ease the pressure on households. Whilst the population…

An authoritarian stance continues to curb civil liberties and public debt is dangerously elevated in Laos. Although falling, inflation remains very high and is negatively impacting the economy and consumption, whilst the low unemployment rate is…

A weak rule of law and endemic corruption hamper economic freedom in Paraguay, although the tax burden remains very low and government finances are sustainable. In the medium term, the economy will outperform the regional average and inflation has…

Corruption and a weak rule of law are hampering strides in economic freedom in Uganda, whilst one party has maintained its grip on governance for decades. However, robust economic performance has been buoyed by strong agricultural output and…

American Samoa receives considerable aid from the US, but has a stable political landscape. The economic base is very narrow and largely involves fisheries. However, there is significant scope for tourism development. Age-related issues are expected…

Andorra is a politically stable country, but public finances have been weakened by the costs of fighting the Coronavirus (COVID-19) pandemic. The economy swiftly recovered from the pandemic, but the country is considerably exposed, due to…

Antigua and Barbuda has autonomy over its political affairs. However, the country is prone to corruption and suffers from high public debt. The country swiftly recovered from the pandemic-related economic downturn, thanks to rebounding tourism.…

Armenia's economic freedom ranking has declined to 'moderately free,' marked by persistent corruption and ongoing high tensions with neighboring Azerbaijan. Despite these challenges, economic growth is projected to remain robust in 2023, surpassing…