Italy's economic freedom score saw a decline in 2024, largely due to an increased tax burden, which positioned the country below regional and global averages. The introduction of the Supply Chain Resilience Programme aimed to mitigate vulnerabilities and adhere to more stringent EU regulations. Although trade freedom also decreased, the digital industry in Italy experienced growth, particularly in ICT integration and e-commerce, supported by the PNRR and EU policies.

In 2024, Indonesia saw improvements in its Economic Freedom and Trade rankings, indicative of a more open and stable environment for commerce. However, projections for 2025 suggest a potential downturn in business confidence due to the new administration's emphasis on economic nationalism. The labour market exhibited gradual enhancements, though youth unemployment and skills deficits persist as notable hurdles.

The global FMCG market is projected to grow by 4.6% in current value terms to reach USD6.6 trillion. Growth is largely price led and financial concerns are weighing heavily on consumer behaviour given sustained cost-of-living pressures. Opportunities lie in emerging markets, health and wellness trends, and e-commerce. Key growth industries include soft drinks and beauty and personal care.

In 2024, South Korea ranked 14th globally in economic freedom, reflecting modest gains in business and monetary policy flexibility. However, political gridlock contributed to a decline in business confidence, dampening market sentiment. The financial landscape remains challenging, shaped by tight monetary policy, despite a relatively stable and well-capitalised banking system.

In 2024, Thailand scored 65.0 in the Index of Economic Freedom, ranking 87th globally and 11th out of 40 in the Asia Pacific region. However, the score declined by 0.6 points from the previous year, as deteriorations in monetary freedom and judicial effectiveness offset gains in other areas. These setbacks come amid persistent pollical challenges and weak institutional performance, which continue to weigh on investor sentiment and long-term economic confidence.

In 2024, Sweden’s ranking in the Index of Economic Freedom improved, driven by strong financial sector independence and increasingly flexible labour market regulations. However, the Business Freedom component declined, pointing to growing challenges in starting, operating and closing businesses. Despite this, Sweden remains a highly attractive destination for foreign direct investment, particularly in sectors focused on sustainability and technological innovation.

In the 2024 Index of Economic Freedom, Ireland ranked third, showing notable gains in Investment and Business Freedom, indicating an open and attractive business climate. However, business confidence may dip in 2025 due to ongoing regional and global challenges. Despite this, Ireland's focus on digitalisation and infrastructure development is expected to boost future economic growth and enhance competitiveness.

In 2024, India’s economy showed mixed progress - gains in digital and business infrastructure were offset by barriers in trade and investment freedom. Government reforms aim to boost FDI and capital markets, but challenges such as high NPLs, cautious lending, labour informality and youth unemployment persist. Sustained banking efficiency and better job creation remain key to long-term growth.

In 2024, Hong Kong’s Business Confidence Index fell by more than two times, partly driven by China’s economic slowdown. However, confidence is expected to rebound by 82.3% in 2025 as businesses adjust. Despite regulatory uncertainty, exports continued to drive the economy, accounting for 143% of GDP, with machinery and electronic equipment remaining the leading export category.

In 2024, Spain’s economic environment improved. It rose to 55th in the global Index of Economic Freedom, with a minor increase in the Business Confidence Index. The country’s Trade and Investment Freedoms were strong, with a Trade Freedom ranking of 12th and an Investment Freedom ranking of 13th. The government’s green energy and digitalisation initiatives, along with EU funding, are expected to increase its attractiveness to foreign investors and support sustainable economic growth.

Portugal's business environment showed both progress and setbacks over 2019-2024. Judicial effectiveness and property rights improved, but political instability hindered business freedom. Foreign investment grew due to favourable conditions such as low interest rates, while skills shortages remained a challenge. The labour market became more flexible, and digital infrastructure improved, though digital tools adoption by businesses was still low.

The operational and regulatory environment in Egypt has deteriorated, particularly in the areas of labour freedom and judicial effectiveness, creating a challenging business climate. In addition, high interest rates and low worker productivity have constrained private industry investment and expansion. However, the country’s improving financial system and opportunities in technology and renewable energy suggest potential for increased FDI and economic growth over the forecast period.

Turkey's business and regulatory environment declined, with weaker monetary freedom, judicial effectiveness and government efficiency, causing a drop in business confidence in 2024. The financial and investment outlook shows only slight improvement amid high interest rates and low bank claims on the private sector. While digital infrastructure has progressed, further efforts are needed to enhance innovation in the country.

Greece has faced a number of challenges in its business environment, including a high tax burden and limited monetary freedom, which have contributed to a decline in its economic freedom score. However, business confidence surged in 2024, and the country made significant improvements in judicial effectiveness and anti-corruption efforts. Despite low bank claims on the private industry, Greece attracted a large amount of foreign direct investment and improved its trade freedom score.

Malaysia’s Economic Freedom ranking declined from 2019 to 2024, influenced by heightened regulatory scrutiny. Challenges were also seen in investment freedom and labour market regulations, though business confidence improved slightly in 2024. Despite advances in trade and digital readiness, complex regulations and skills shortages may hinder long-term growth and foreign investment.

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