Commodities

In Mozambique, ongoing conflict and corruption exacerbate economic challenges. The economy is hindered by high unemployment and reliance on agriculture. The young and growing population remains impoverished, facing healthcare and educational hurdles,…

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.…

Although Monaco enjoys political stability, questions remain over transparency in financial services. Given that tourism is a significant revenue earner, Monaco’s economy experienced a severe recession stemming from the Coronavirus (COVID-19)…

Although Moldova is ‘moderately free’ for economic freedom, Russia’s influence operations may spur instability. Economic growth to rebound over the near term, outperforming regional average. The population is shrinking and ageing rapidly, which…

Mauritius boasts a stable democracy and mature institutions, contributing to high economic freedom. Already highly diversified, the economy is set to grow in sectors like agro-processing and medical tourism. Country’s diverse population and low…

Mauritania suffers from political instability, whilst ethnic tensions are also a destabilising factor. However, government finances are relatively robust with fiscal room to manoeuvre. Recent hydrocarbon finds and rising commodity prices are expected…

Although Martinique does not suffer from undue corruption, its political environment has been prone to secessionist tendencies. Given that the economy is highly dependent on tourism, its recovery from the Coronavirus (COVID-19) pandemic remains slow.…

Malta is mostly free, helping businesses to flourish, but corruption is relatively widespread compared to regional peers. Foreign investors flock to the island, eager to participate in the financial services sector, but dependence on tourism and…

Mali's political scene is marked by instability, significant military influence, and widespread corruption, with large areas beyond government control. Mali’s undiversified economy is reliant on international aid and its agriculture sector. The…

Malawi has relatively stable governments, yet deteriorating global peace and terrorism rankings suggests concerns over increasing violence. Economic forecasts are optimistic, with growth expected to exceed that of regional peers over the long term,…

Madagascar faces political instability and limited economic freedom, hindering structural reforms. While the primary sector underpins the economy, high inflation and elevated poverty rates challenge growth. Despite a young, expanding population and…

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…

A lack of corruption, government stability, and high levels of economic freedom characterise Luxembourg. Strength in financial services and adaption to remote working has served the economy well, which could outperform peers going forward.…

Liechtenstein showcases governmental stability, minimal corruption, and high economic freedom. Its robust financial sector and swift adaptation to remote work fuel its economy, potentially outpacing peers. However, an aging population may strain…

Years of conflict have led to political instability in Libya. Rule of law is ineffective and corruption remains a major problem. Heavy reliance on hydrocarbons makes the economy extremely vulnerable to oil price shocks, whilst the precarious security…

Liberia has managed its government finances effectively. Peacefulness in the country is also increasing, following turbulence caused by the 2017 elections, but corruption persists. The economy is set to outperform the regional average, whilst foreign…

Lesotho is undergoing intensive reforms to strengthen institutions and enhance public service transparency, yet it faces challenges like persistent corruption and a rising budget deficit. Economic growth lags behind regional peers, with a reliance on…

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…

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…

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…