Commodities

Aruba has a stable political environment with solid governance. However, perceptions of corruption are rising on the island. As one of the most dependent territories on tourism in the world, the Coronavirus (COVID-19) pandemic has ravaged the economy…

Limited taxation enables The Bahamas to enjoy relative economic freedom, but state finances are deteriorating. Significant exposure to tourism and adverse weather could scupper economic development in the short term, whilst unemployment is high. A…

Barbados enjoys political stability and is relatively free of corruption. Its break from the Commonwealth could destabilise this institution in the long term. Economic activity has been severely curtailed by the Coronavirus (COVID-19) pandemic, given…

Belize’s future remains uncertain, given claims over its territory, whilst corruption is rife. Substantial exposure to tourism could aid the economic rebound from the Coronavirus (COVID-19) pandemic, but foreign investment prospects remain bright.…

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…

Bermuda has a stable political environment. However, state finances are stretched and could be further pressurised by a rapidly-ageing populace. The economy is expected to outperform peers in the short term, supported by solid activity in the…

Corruption and political instability are impeding economic freedom, whilst the public-debt-to-GDP ratio is one of the highest globally. Although the economy is relatively well diversified, uncertainty could hamper its development and hyperinflation…

Albania is advancing with its programme to join the European Union (EU), but the large informal economy and endemic problems still hold it back. Annual real GDP growth is expected to slow down over the near term. Albania offers a large labour force,…

Anguilla enjoys political stability and low corruption levels, with relatively high trust in the government. Its economy was severely impacted by the Coronavirus (COVID-19) pandemic, given its substantial exposure to tourism. However, the country…

Although Bhutan has solid rankings for peace and terrorism, a lack of trade freedom is inhibiting economic freedom. Owing to the Coronavirus (COVID-19) pandemic and its effect on tourism, the economy is likely to struggle in the short term, although…

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…

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…

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…

Although state finances have been improving, Iraq suffers from significant corruption and external interference in its domestic affairs. Inflation has been well controlled, but lower oil production could plunge the economy into recession in the short…

Political stability is being addressed by the Solih government, in particular state corruption. Economic growth should return in 2021, following the deleterious effect of the Coronavirus (COVID-19) pandemic in 2020, but the country needs to move…

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…

The Cayman Islands benefit from political stability, but their position as a secretive financial offshore centre raises incidences of corruption. Tourism is the main economic activity, which has been negatively impacted by the pandemic yet aided…

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…

Limited taxation adds to Vanuatu’s economic freedom. However, competing factions destabilise the political landscape. Exposure to tourism will lead to output underperformance versus peers in the short term, whilst large agricultural activities also…

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…

Chile enjoys economic freedom and relatively low corruption, which has helped its private sector to develop, although political instability remains. The economy is slowing down markedly, as copper production is impeded, and unemployment is relatively…

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…

As one of the most ‘repressed’ countries globally, the autocratic communist regime is also creating social tensions. US sanctions continue to wreak havoc with the path of economic development, whilst Cubans leaving the country surge amid economic…

Cyprus is relatively free and peaceful, but disputes over offshore hydrocarbon resources remain heated. Economic growth is forecast to slow down over the near term, while inflation is set to decline and remain below the regional average. Ageing is…

Dominica enjoys relative political stability but whilst corruption is not a major problem, it has permeated the executive branch of government. Considerable dependence on agriculture and an underdeveloped tourism sector will lead to economic…

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…

Fiji has fallen among ‘mostly unfree’ for economic freedom, with persisting political uncertainty and worsening fiscal health. Nevertheless, over the near future, economic growth should be relatively strong as tourism rebounds. Consumer expenditure…

Although state finances remain sustainable, the ruling party’s grip on power is eroding democracy and freedoms, whilst corruption remains a key problem. Economic growth continues to be robust, but external sector weakness exists and dependence on…

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…

Although government finances improved in El Salvador, the state continues to exhibit authoritarian tendencies and corruption remains an issue. Whilst inflation has fallen, economic momentum is moderating and the country’s high dependence on…

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…

Myanmar’s military has created significant instability for the country, whilst corruption continues to be rife and economic freedom has worsened. High inflation is causing the economy to stall and the foreign investment climate has worsened…

Oman is managing its state finances well and its absolute monarchy creates stability, but economic freedom remains constrained. Whilst the economy is slowing, high oil prices have been supportive and inflation is low, but reliance on oil is large and…

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…

The British Virgin Islands’ (BVI) tax haven status is damaging the territory’s reputation and could lead to political instability. Economic performance is likely to outpace peers in the short term, owing to tourism recovery and strength in financial…

Brunei Darussalam enjoys political stability and low levels of corruption. However, civil liberties are impinged upon by autocratic rule. With huge reliance on hydrocarbons, the economy is prone to various risks. An ageing populace could exert…

French Polynesia receives considerable support from France. Nevertheless, pro-independence party won elections in 2023, which has the potential for increased tensions between French Polynesia and France. Rebounding tuourism may support post-pandemic…

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…

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…

Haiti suffers from considerable political instability and corruption is rife. Economic development will be severely hindered in the short term, owing to the devastation caused by the 2021 earthquake and the unstable political landscape, with…

Iceland benefits from its low levels of corruption, political stability and economic freedom. The economy is set for a strong performance, leans heavily on sectors like tourism and fishing, alongside a stable currency and progressive tax incentives…

Although generally stable and democratic, Jamaica is failing to control organised crime and corruption. Economic growth swiftly returned after the pandemic, but the country is over-reliant on the US. Consumer expenditure is growing, but ageing,…

Although Kiribati enjoys political stability, a lack of business freedom has resulted in a poor ranking for economic freedom overall. Its narrow economic base prevents employment creation, resulting in high joblessness, whilst it is also highly…

Kosovo has suffered from significant political instability, whilst corruption is pervasive. Nevertheless, European Union (EU) accession is on the cards and the economy is expected to outperform peers in the near term. The consumer market remains…