Commodities

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…

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…

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…

A more business-friendly government, elected in 2021, could improve economic freedom. However, protests by indigenous factions have been violently suppressed. Economic performance is expected to be stronger than the regional average, whilst…

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…

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…

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…

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…

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…

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…

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…

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,…

Support from France is crucial to the development of French Guiana, but while the relationship is generally cooperative, instances where tensions arise happen. The country has a strong space industry. Population growth will be strong, but it is…

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…

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 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,…

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…

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…

Gibraltar’s cooperation in tax matters has made the territory more transparent. Issues over the state’s sovereignty remain unresolved, which is a source of instability. Strength in financial services and the online gaming sector could support…

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…

Grenada enjoys political stability, although its state finances have deteriorated as a result of the Coronavirus (COVID-19) pandemic. Tourism accounts for a large share of exports and output, which is likely to lead to economic underperformance…

French subsidies help to maintain political stability on Guadeloupe, although the islands are prone to civil unrest against socio-economic conditions. Substantial reliance on tourism resulted in recession in 2020, caused by the negative impact of the…

The US’s large military presence on Guam makes the territory a target for attacks by nations looking to lower US power in Asia Pacific. Guam is highly reliant on US federal funding, exposing the territory to changes in US military spending. 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…

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…

Political instability has been partly to blame for a deterioration in peacefulness in Guyana, although efforts to tackle corruption are improving. The economy was the best performer globally in 2020, but major oil discoveries also raise the country’s…

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…

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…

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.…

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…

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…

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…

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…

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…

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…

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 Israel enjoys economic freedom, the war with Hamas is weighing on the country’s economic outlook. A resilient economy is slowing, as higher defence spending burdens state finances and business activity is interrupted by the conflict, but…

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…

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,…

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…

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…

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…

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 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…

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…