Commodities

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…

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,…

Although state finances are set to improve through higher taxation, economic freedom is challenging and corruption persists. Owing to lower agricultural output, the economy has slowed down markedly, but inflation is under control and fertiliser…

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…

Organised crime continues to negatively impact Mexico, owing to a weak rule of law, which is also beset by pervasive corruption, but government spending is a bright spot in economic freedom. The economy will continue to underperform peers, but…

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…

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…

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.…

Although Lithuania enjoys economic freedom and solid state finances, relations with neighbours have worsened and add to uncertainty. The economy has been hindered by the highest inflation rate in the eurozone and output growth could enter negative…