Economy, Finance and Trade

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…

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 ‘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…

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,…

Spain is suffering from a bout of political instability and economic freedom has worsened. Although economic development is slowing down, it continues to attract foreign investors. However, high, albeit falling, inflation has taken its toll on…

Turkey is facing rising authoritarianism, along with the undermining of its secular society and democracy. Earthquakes in early 2023 are to negatively affect economic development considerably and increase state spending, whilst they have also clouded…

Whilst some aspects of economic freedom require improvement and corruption is growing, as is political instability, Belgium enjoys a strong rule of law. Inflation has been falling, but the economy is underperforming the peer average, although it is…

Switzerland is one of the world’s most democratic countries, with extensive economic freedom and strong state finances. Although inflation is under control, economic growth is set to slow further. Consumer market appeal continues to be supported by…

Although the tax burden is increasing, the Netherlands continues to enjoy significant economic freedom and solid state finances. High prices have negatively impacted economic momentum, but inflation is falling and unemployment is low. The quality of…

The United Kingdom’s (UK) political landscape has been volatile, whilst Brexit continues to weigh on economic freedom. Owing to high inflation that has eroded consumer purchasing power and business investment, economic output is set to slow markedly,…

Norway enjoys considerable economic freedom and adheres strongly to the rule of law, whilst state finances are in rude health. Output development is slowing, owing to challenges for the global economy, but inflation is under control and exports have…

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…

Although the political scene is facing instability, Sweden will soon join NATO, whilst its state finances remain sustainable. A slowing economy has been hampered by elevated food and energy prices, but inflation is falling and infrastructure upgrades…

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…

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…

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 Austria enjoys solid economic freedom and a strong rule of law, a shift to the far right could create policymaking instability. Whilst unemployment is relatively low and inflation is falling, the economy is set for a marked slowdown in the…

Corruption amongst high-ranking state officials has heightened political instability in Portugal, whilst public debt remains elevated. Economic momentum is slowing, but inflation has fallen markedly and technological prowess is supporting foreign…

Andorra is a politically stable country, but public finances have been weakened by the costs of fighting the Coronavirus (COVID-19) pandemic. The economy swiftly recovered from the pandemic, but the country is considerably exposed, due to…

Cyprus is relatively free and peaceful, but disputes over offshore hydrocarbon resources remain heated. Economic growth is forecast to slow down over the near term, while inflation is set to decline and remain below the regional average. Ageing is…