Commodities

Zimbabwe faces significant challenges, marked by political repression and decreasing democratic freedoms. The economy, while showing solid growth in 2023, is expected to decelerate in 2024 due to slower global mineral demand and agricultural…

Zambia faces significant challenges, including widespread corruption and low degree of economic freedom. Country’s economy, heavily reliant on copper exports, is vulnerable to global market fluctuations. Despite projected economic growth, the nation…

Yemen’s political landscape has been devasted by civil war, also distressing state finances. Hopes are present for an economic recovery in the long term, if the war ends. Nevertheless, the country will continue to suffer from high unemployment and…

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…

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…

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…

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…

The US Virgin Islands has a good regulatory environment, which fosters business development. However, a lack of representation in the US is creating frustration amongst islanders. The economy is heavily dependent on tourism and post-pandemic recovery…

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 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…

Tuvalu has favourable political freedom, but a high dependency ratio and poor regulatory environment. Economy slowly recovered from COVID-19 pandemic and related slowdown, bolstered by the seafaring sector. Nevertheless, further growth will remain…

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.…

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…

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,…

Trinidad and Tobago is wealthy and stable; however, it is held back by a weak judiciary and high levels of corruption. Real GDP growth slowly recovered to pre pandemic pace, but oil and gas reserves will soon expire, hampering future growth. The…

Although Tonga is ‘moderately free’ for Economic Freedom, it is relatively stable politically and had solid state finances. The economy is overly reliant on remittances and tourism, which could lead it to underperform compared to its peers, whilst it…

Togo continues to grapple with inadequate enforcement of property rights and insufficient legal frameworks for land access, with the political system showing limited democratic elements. Strong economic growth is expected, surpassing regional…

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…

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,…

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…

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…

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…

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 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…

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…

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…

Authoritarian rule has created political stability in Tajikistan, but economic freedom has suffered as a result. The economy is expected to outperform peers in the short term, but a narrow export base creates risks for the external sector. Tajikistan…

Respect of the rule of law and a dynamic private sector have led to superior economic freedom for Taiwan. However, geopolitical tensions are negatively impacting both the political and economic landscapes. Inflation has been controlled well, but the…

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 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…

Suriname remains among the ‘repressed’ countries in economic freedom ranking. The Coronavirus (COVID-19) pandemic has had a detrimental effect on the economy, which has also suffered from currency devaluation causing a spike in inflation. Whilst the…

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,…

St Vincent and the Grenadines enjoy political stability and low levels of corruption, but crime is rising. A small population that is hardly growing diminishes the appeal of the consumer market, whilst the populace is also ageing. Internet use is…

St Lucia’s stable and democratic island is challenged by endemic corruption and worsening labour freedoms. Economic growth recovered to pre-pandemic pace, but attempts at diversification need ramping up. Consumer expenditure is rising, but poverty…

St. Kitts and Nevis, a dual-island nation in the Caribbean, showcases political stability within a parliamentary democracy. Its economy hinges on tourism, agriculture, and a citizenship-by-investment program driving foreign investment. The country…

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…

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…

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…

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…

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…

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…

Although government finances are solid and monetary freedom rank high, the Solomon Islands suffers from pervasive corruption and low investment freedom. Economic performance is expected to be below peers over the near term. The population is young…

Although Slovenia has been beset by political instability and corruption remains an issue, its economic freedom is one of the best in Eastern Europe. However, the economy is slowing, as inflation is elevated, whilst its highly open nature exposes its…

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…

Dependence on the Netherlands for fiscal support is a source of uncertainty for Sint Maarten. Crime rates are high and the country’s sovereign credit has been downgraded. Excessive reliance on tourism caused a severe recession, given the impact of…

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…

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…

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…

Increasing authoritarianism and corruption are resulting in mass protests, although fiscal discipline is leading to better state finances. Economic momentum is slowing, owing to high inflation and reduced external demand, but foreign investment…

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…