Economic freedom has further deteriorated, as has perceptions of corruption, whilst democracy is facing erosion. Although the economy is set to outpace peers, inflation is rising and foreign investment has been falling. Urbanisation will support the consumer market, but armed groups blight the social landscape and Colombia hosts the third largest refugee population in the world. Mobile subscribers continue to grow and a new strategy hopes to bridge the digital gap, but innovation is lacking.

Tense regional relations and political turmoil have erupted in Thailand, although economic freedom has gained momentum. Downward pressure on prices reflects a subdued economy, whose exports and tourism could weaken. State help has led to poverty reduction, but the population is ageing and fertility rates are lower than peers. Mobile adoption has been very strong and e-commerce holds potential, but limited digital skills and inadequate infrastructure are slowing technological progress.

Economic freedom in Portugal has improved and public debt is lower, but the country continues to be in the throes of an unstable political landscape. Although inflation is above the eurozone target, economic performance has been better than peers, fuelled by solid tourism activity. Discretionary spending will be supported by older groups, but the country is ageing rapidly and immigration is being tightened. Data centres are expected to boost the economy, but innovation capacity lags competitors.

Although economic freedom is solid in Canada, its relations with the US have worsened markedly and the political landscape is more unstable. Economic momentum is weakening and exports will be negatively affected by tariffs, but inflation is below target. Strong immigration is making the social landscape more diverse, but the fertility rate is low and housing is increasingly unaffordable. Solid internet use supports e-commerce, but technology specialists are in short supply.

Although the tax burden is low and state finances are solid, freedom is restricted to ensure political stability. The economy is set to underperform peers, but inflation is very low and foreign investors continue to flock to the territory. High incomes and an urban landscape will support consumption, but low-income classes are predominant. Innovation is being driven by significant state investment and the mobile market enjoys high subscription rates, but cyberattacks have risen dramatically.

Kazakhstan is tackling corruption and it benefits from solid public finances, but industrial action is on the rise. Supported by the energy sector, the economy will maintain its growth profile, but there are greater inflationary pressures. Population expansion is above the regional average, but rural dwellers remain significant and gender income disparity continues. Solid internet and mobile use will drive digitalisation, whilst the state is focusing on artificial intelligence and data centres.

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.

International relations remain tense and state finances are worsening, but authoritarianism will secure political stability. Although the economy is slowing and a deflation trend is emerging, temporary respite from high tariffs has been welcomed by Chinese producers. An increasingly urban backdrop will support a massive consumer market, but China suffers from low fertility and gender disparity. Barriers to entry to the telecoms sector have been lowered, but technology is a threat to jobs.

Voters have turned away from the far right, whilst Finland enjoys little corruption and solid economic freedom. Despite low inflation, fragility in the economy will persist in the short term and the trade landscape is more uncertain. Gender inequality is limited and large incomes will drive the consumer market, but society is increasingly ageing and restrictions on immigration are growing. Technological advancement has led to AI leadership, but has also created greater challenges for cybersecuri

Upcoming elections are adding to political instability and corruption remains an issue, but state finances are sound. Inflation is under control and the economy has recovered, but a large share of exports makes the economy very open and prone to risks. Whilst urbanisation will boost the consumer market, depopulation continues to be a trend and marginalisation of the Roma persists. Mobile subscriptions are increasing and e-commerce is established, but online political engagement could improve.

A crisis has gripped French politics and state finances continue to be under pressure, but anti-corruption efforts have been stepped up. The economy is set to underperform peers and exports are facing a challenging environment, but inflation is under control. Prejudice against minorities persists and discretionary spending power trails peers, but the consumer market remains attractive. Leadership in AI has been reinforced, but France’s cybersecurity credentials are being severely tested.

Opposition to the government’s policies and the rise of Reform are creating political instability, although some success has been seen in foreign affairs. Inflation is a persistent short-term issue and the economy lacks impetus, but new trade deals should help exporters. Population growth will drive the consumer market, but social tensions are mounting and housing remains costly. Technological advancement is solid, but smaller businesses are struggling to keep up with the changing landscape.

Peacefulness continues to be negatively impacted by gangs, but state finances remain sound and economic freedom is considerable. Economic momentum is set to accelerate, supported by low inflation, but unemployment is higher than peers. Immigration is leading to population growth and the fertility rate is rising, but inequality is also widening. Sweden is technologically advanced and enjoys high mobile subscriber numbers, but e-health access could be improved.

Fiscal consolidation has led to a slight enhancement in state finances and India is challenging Chinese dominance in the region, but corruption is endemic. Economic momentum is robust and inflation is low, but the threat of tariffs hangs over exports. With the world’s biggest population, its consumer market is attractive and young, but the caste system highlights inequality. The mobile market is huge and India is developing 6G technology, but other areas of innovation could be improved.

Although economic freedom is improving and state finances are stable, international relations remain strained and political instability is present. The economy has been resilient, helped by lower inflation and consumer spending, but foreign investment could be boosted. Population ageing and a large gender gap are social challenges, but the middle class is growing strongly. Low internet use is hindering e-commerce, but mobile adoption is strong and the state is focusing on key technologies.

Although economic freedom is weak and the state is more authoritarian, public finances are on a solid footing. Higher tourism targets will support the economy and, whilst it remains a risk, inflation has been falling rapidly. Turkey continues to host large refugee numbers that are a strain on its services, but the consumer market will be driven by its substantial population and lower poverty rates. Internet use is below peers, but the mobile market is massive and 5G rollout is within reach.

Although economic freedom is weak and the state is more authoritarian, public finances are on a solid footing. Higher tourism targets will support the economy and, whilst it remains a risk, inflation has been falling rapidly. Turkey continues to host large refugee numbers that are a strain on its services, but the consumer market will be driven by its substantial population and lower poverty rates. Internet use is below peers, but the mobile market is massive and 5G rollout is within reach.

Under new leadership, Argentina has improved its economic freedom and public finances, although the government faces opposition to its policies. The economy is staging a strong recovery and inflation has reduced significantly, but high dependence on agriculture remains. Although ageing, Argentina is one of the region’s most important consumer markets and social protection is lowering poverty. Technology talent is abundant, as is solid internet use, and 5G is set to reach remote locations.

Whilst Peru enjoys economic freedom, the rule of law is weak and criminality is worsening the security situation. The economy has recovered and inflation is low, but the export base remains undiversified and gold production is threatened by illegal activities. Urbanisation continues apace, but low incomes could stifle consumer spending and indigenous rights face further erosion. Innovation capacity is limited and e-commerce has yet to take off, but the mobile sector continues to show strength.

State finances are improving, but crime rates are high and policy inertia is likely. The economy will exit recession in 2025 and dollarization helps to limit inflation, but the state continues to fail to attract meaningful foreign investment. Although the population is growing, low incomes and rising crime are leading to an exodus, whilst large rural dwellers also stunt social mobility. Internet use is below peers, but a new strategy is expected to boost the digital space and 5G is being deploye

Chile enjoys economic freedom and state finances are sound, but the political scene is increasingly polarised. The economy is expected to underperform regional peers and exposure to mining remains substantial, but inflation is under control. Although Chile is an important consumer market, it is ageing rapidly and concerns about immigration are rising. A highly connected populace will drive e-commerce and key technology players are launching operations in Chile, but innovation could be boosted.

Economic freedom is good within a regional context for Poland, but the recent presidential election has focused attention on a more polarised political landscape. Economic development has resumed an upward trajectory, resulting in low unemployment levels, although exports exhibit weakness. Despite being Eastern Europe’s second biggest consumer market, social progress is stagnating, and Poland is less urbanised than peers. Mobile adoption is strong, but digital skills need improvement.

Although economic freedom could improve and political stalemate may hinder policymaking, higher tax receipts have enhanced state finances. Economic development has outpaced peers and inflation is under control, but high structural joblessness persists. Immigration is fuelling population growth and urbanisation continues, but a housing crisis is creating social tensions. Internet use is one of the highest in the EU, whilst Spain is focusing on advanced technologies to increase competitiveness.

Despite relatively solid economic freedom, corruption is increasingly blighting Slovakia’s political landscape, whilst the government’s tacit support for Russia is causing tensions. Economic performance has been better than peers but is at risk from rising inflation and high trade reliance. Growing incomes and contained inequality will support the consumer market, but ageing is an issue. Internet and mobile use are robust, but small businesses lack digital intensity and innovation is limited.