Economy, Finance and Trade

Support from France is crucial to the development of French Guiana, but its association with the country is creating instability in the territory. Despite the presence of the space sector, the economic base is narrow and highly reliant on French ...

Since the end of the civil war, Sierra Leone has enjoyed a more politically stable environment. Although its ranking for Economic Freedom has improved, many challenges remain. The economy could outperform peers in the medium term; however, the ...

Although Tonga is ‘mostly unfree’ for Economic Freedom, it is relatively stable politically and had solid state finances. The economy is overly reliant on tourism and remittances, which could lead it to underperform peers, whilst it is highly exposed...

Although government finances are solid and economic freedom is improving, the Solomon Islands suffers from ethnic tensions. Economic performance is expected to be below peers and foreign investment is low, but funding from the Australian state is ...

Burundi’s status as ‘repressed’ for Economic Freedom points to many challenges for the country. Political instability and corruption are common features. Although the economy is expected to underperform peers, given a narrow economic base, rare ...

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...

American Samoa receives considerable aid from the US, but has a stable political landscape. The economic base is very narrow and largely involves fisheries. However, there is significant scope for tourism development. Age-related issues are expected ...

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...

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...

Anguilla enjoys political stability and low corruption levels, with relatively high trust in the government. Its economy was severely impacted by the Coronavirus (COVID-19) pandemic, given its substantial exposure to tourism. However, the country ...

Although Montenegro is ‘moderately free’ for economic freedom, its state finances are distressed and corruption remains an issue. The economy is expected to underperform regional peers, given its large exposure to tourism, whilst high unemployment is...

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. ...

International aid has helped to secure strong government finances. However, increases in executive power could stymie democratic development going forward. The economy is expected to outpace regional peers in the short term, supported by stronger ...

There have been recent improvements in the government’s stability and integrity, yet ethnic tensions persist. Fighting the Coronavirus (COVID-19) pandemic worsened Fiji’s fiscal deficit and economy. Consumer expenditure should accelerate in the ...

Tanzania is ranked as ‘moderately free’, but its political scene is marred by corruption, intimidation and violence. The external sector sector should accelerate the economy in 2021, but the country is over-reliant on agriculture. Tanznia has a ...

The Cayman Islands benefit from political stability, but their position as a secretive financial offshore centre raises incidences of corruption. Tourism is the main economic activity, which has been negatively impacted by the Coronavirus (COVID-19) ...

Senegal is one of the most stable and least corrupt countries in Africa, although the Coronavirus (COVID-19) pandemic has caused state finances to worsen. The economy is expected to outperform peers, driven by solid agricultural and hydrocarbon ...

Antigua and Barbuda has autonomy over its political affairs. However, the country is prone to corruption and suffers from high public debt. Owing to the Coronavirus (COVID-19) pandemic, steep falls in tourist flows will continue to negatively impact ...

Extremely high public debt and corruption mire Congo-Brazzaville (Congo), and limit economic freedom. Dependence on the hydrocarbon sector has exposed the country to oil price shocks, but economic diversification is underway and foreign investment is...

A poor security situation is leading to greater instability in Mozambique, whilst corruption is endemic and public debt is high. Nevertheless, recent hydrocarbon finds should support economic development in the long term and attract foreign ...