Commodities

Technological advances in 2024 will continue to reshape consumer behaviour. This annual report explores the top five digital shopper trends that will redefine commerce the most in the year ahead. Some of the trends included in this report’s edition…

Now in its seventh edition, this report explores the top digital shopper trends that will redefine commerce the most in the year ahead. Some of the trends included in this edition touch on topics such as second-hand shopping, community group buying,…

The COVID-19 pandemic has brought about significant changes in business models and consumer behaviour, as well as altering the ways and the geography many of us live, work, study and play. Understanding what changes will stick after the pandemic…

Emerging Asia has been one of the most exciting regions in emerging markets during the last two decades and this trend is expected to continue, though the pace of growth has slowed down as the economies transform and mature. By 2040, emerging Asia…

Increased economic uncertainty, digitisation of business activities, the need to improve operational efficiency, and stricter regulations encourage companies to review their supply networks and fortify them against the potential risks in the future.…

While the global luxury goods market contracted notably, Asia showed signs of recovery as early as Q2 2020, minimising the impact of the coronavirus (COVID-19) pandemic. This report analyses the background to the quick recovery of personal luxury…

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…

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…

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.…

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…

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…

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…

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…

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 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 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…

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…

Samoa is a politically stable country with a budget surplus. However, the large influence of the state and significant exposure to tourism could weigh on economic performance in the medium term. Although the country is young and growing, its…

Papua New Guinea faces considerable hurdles, marked by pervasive corruption and limited economic freedom. Country’s economy, heavily reliant on the uncertain global commodity market, is further strained by low productivity due to extensive…

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,…

North Korea’s autocratic regime is the most repressed globally for economic freedom, which propagates corruption, but sanctions could bring the country to the negotiating table. The command economy has been crippled by these sanctions, and remains…

Significant divisions exist between New Caledonia’s indigenous population and its European counterparts, creating political instability. Substantial reliance on nickel is a risk for the economy, which was in recession in 2020. The prospect of…

Political upheaval has been caused by transitioning to a new constitution, whilst economic freedom is suppressed, given ineffective observance of the rule of law. The economy could outperform peers, owing to strength in agriculture and greater…

Nauru’s political landscape is stable, but is sometimes autocratic in nature. The country’s biggest challenge is to diversify the economy away from phosphate production. Nevertheless, planned infrastructure projects could enhance Nauru’s appeal. Its…

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…

Mongolia is a peaceful country, but with high levels of corruption and fragile governance. The economic growth should accelerate in 2023, supported by the vast mining sector, but the country’s dependence on this sector leaves it vulnerable.…

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…

Malaysia’s economic freedom is ‘moderately free’ and the state is addressing corruption. However, the new government has yet to prove its democratic credentials. The economy grew extremely strongly in 2022 and, although output expansion is expected…

Macau, China benefits from political stability, but its ageing population could make increasing demands on government finances in the future. As the world’s largest gambling hub, Macau’s economy is heavily dependent on revenues from casinos, making…

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…

Political instability is frequent and Kyrgyzstan fell into ‘mostly unfree’ for economic freedom ranking. Economic growth is forecast to be slower than peers and below the pre-pandemic levels. Population growth will add to consumer market appeal and a…

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…

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…

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…

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…

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…

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.…

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…

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…

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…

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…

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…

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…

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…

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…

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.…

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…