Recent elections have realigned Romania with the European Union (EU) politically, but economic freedom could be enhanced and corruption persists. A slowing economy is also hindered by relatively high inflation, but the country has a diversified economic base. Incomes are set to outpace peers, providing support for the consumer market, but the populace is ageing and the gender gap is sizeable. Although internet use could be improved, as could 5G adoption, semiconductors could receive a boost.

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.

Economic freedom has improved and corruption is not an issue in Australia, but state finances have deteriorated and indigenous rights remain underserved. Economic momentum is subdued, although inflation is lower and gold exports will support the external sector. A growing population and higher spending will drive the consumer market, but lower social classes will remain dominant. Although the mobile market is going from strength to strength, hesitation exists in the adoption of AI.

Economic freedom is one of the worst amongst peers and corruption continues to be problematic, but the political environment has been more stable. Although inflation is low, the economy continues to exhibit weak growth, whilst tariffs are an increasing threat to the external sector. Middle-aged consumers will drive discretionary spending, but population ageing is a key theme and anti-immigration sentiment is high. Mobile adoption continues apace, but uptake of AI is relatively low.

Although Germany enjoys economic freedom, its recent election has exposed stark polarisation that could lead to political instability. Whilst expected to exit recession in 2025, economic activity will remain subdued and foreign investment is facing delays, but inflation is contained. Germany is ageing, but urbanisation continues, and older people will support discretionary spending categories. New technologies are being deployed in manufacturing, but ICT skills shortages persist.

Peacefulness has witnessed a major improvement in Egypt. Having said that, authoritarianism has resulted in increasing human rights violations. Economic momentum is set to outperform peers and inflation has fallen markedly, but Egypt is more reliant on imported energy. Incomes and the population are growing, but refugee numbers have risen significantly. Internet and mobile use continues to expand, whilst 5G has finally been launched, but a digital divide exists between rural and urban areas.

Reforms to the judiciary have enhanced democracy, but economic freedom has waned and the executive branch is consolidating power. Although inflationary pressures are set to reduce, economic performance has been weak, owing to the new US tariff regime. Whilst a large and highly urban populace will support the consumer market, inequality and poverty persist. Mobile subscriptions are substantial and smart cities have gained traction, but internet use lags some key peers and innovation could improve

Respect for the rule of law has enhanced economic freedom, whilst trust in governance is high. However, transparency is being eroded by corruption and public finances have worsened. Controlled inflation has enabled interest rates to be lowered, but economic activity remains a challenge and exports could weaken. Relatively high income inequality and a large gender gap characterise the social landscape. Internet use is high, as are mobile subscriptions, but innovation capacity could improve.

A coalition government has led to political stability and economic freedom is high in a regional context. However, the state’s suppression of critics has dented freedoms. Economic development is robust, supported by low inflation and falling interest rates, but tariffs could harm exports in the short term. Consumer spending is rising, benefiting from urbanisation, but health issues are growing. A second 5G network will boost the mobile sector, but cybersecurity remains a key concern for firms.

Although relatively stable politically, Brazil continues to suffer from corruption and violent crime that is affecting peace. Economic growth is slowing, owing to high interest rates and rising inflation, but exports remain supportive. Its large population and growing incomes will aid discretionary spending, but challenges remain in tackling obesity. Internet use is solid, whilst the mobile industry is huge, both helping to bridge the urban-rural digital gap, but innovation trails a major peer.

Reforms have helped to secure Indonesian economic freedom; however, corruption is rife and the military is increasing its hold over society. Economic resilience has been accompanied by low inflation, and trade negotiations could ease the threat arising from tariffs. Discretionary spending is on the rise and foreign citizens will more than double, but a gender gap persists. Whilst internet use has been impacted by infrastructure challenges, mobile subscriptions are one of the largest globally.

Recent legislation could widen the budget deficit and further erode economic freedom, whilst international relations have been tense under the new administration. Applying tariffs could lead to a moderating economy and higher inflation, but the US remains a key destination for foreign investors. Increasing urbanisation will support the consumer market, but social unrest is more frequent and net migration could fall. Innovation fuels the technology sector, but AI is hurting employment.

Tariffs, geopolitical tensions and climate risks are fuelling market volatility and challenging business operation, profit margins and growth potential. Economic outlook is uncertain, with unstable prices and fractured trade. Managing risks and building resilience are now imperative, while agile pricing actions and innovation are key to unlocking new opportunities. Targeting high-growing emerging markets can boost volume and diversify supply chains.

Significant shifts in US policies on tariffs, taxation, spending, regulation, migration, AI/tech, and energy are expected to impact the global economy and key industries like food and drinks, health and beauty, home and tech, travel, and automotive. Trump's policies can undermine global economic growth, affect consumer sentiment, risk higher prices, and disrupt production and distribution network. However, some opportunities will arise as the global supply chain rewires and consumers adapt.

This report highlights key trends in the global industrial sector in 2025. Rising geopolitical tensions and potential trade disruptions are creating more uncertainty for businesses, encouraging further production reshoring efforts. To deal with cost pressures and labour market challenges, companies are expected to invest more in automation and workforce upskilling. AI tools are also forecast to improve in 2025 and start bringing efficiency gains for manufacturers.

Inhalation - one of the most common modes of consumption globally - is undergoing a rapid transformation. This report assesses the significant risks for those companies who fail to address that change and the huge opportunities for those who can leverage science, technology and new substance frontiers to reimagine inhalation’s role in future societies.

Greater defence spending has hit state finances and instability continues to blight the political landscape, but economic freedom is solid. Unemployment is low, but the economy is underperforming peers and inflation remains stubbornly higher than target. High incomes will support the consumer market, but ageing is accelerating and social inequalities persist. Technology is a major contributor to the economy and innovation capacity remains high, but diversity in ICT employment is lacking.

Although economic freedom is challenging and corruption remains problematic, Cambodia’s state finances are sound. Economic momentum will continue to outpace peers, whilst tourism and foreign investment will be growth drivers. In the long term, incomes expansion will be robust, supporting the consumer market, as will a young consumer base, but the large prevalence of lower social classes will limit discretionary spending. Mobile technology adoption has been swift, but 5G rollout has stalled.

Improvements have been observed in economic freedom, helped by stable state finances, but a hereditary monarch undermines democracy. Economic progress has been muted and negatively affected by significant reliance on oil, but inflation remains controlled and foreign investment is solid. Population expansion and a youthful nation will support the consumer market, but the gender gap is substantial. Advanced technologies are a focus for the state, whilst internet and mobile use is high.

Challenges remain for economic freedom and conflicts have severely dented peace, but external help is backing state finances. The economy continues to exhibit strength and, although still high, inflation has fallen, but reliance on agriculture is a key risk. Income inequality is widening and the gender gap is meaningful, but a large children’s cohort will support spending in related items. Whilst mobile usage is growing strongly, internet penetration is low, but e-governance is making progress.

State finances have deteriorated in the short term, but corruption is being addressed effectively and economic freedom is improving. Economic development will outperform peers, but inflation remains stubbornly high and dependence on Russian imports is growing. Poverty has been reduced meaningfully, whilst the populace is expanding and youthful, but rural dwellers remain substantial. Although internet use trails peers, mobile technology adoption is strong and a new AI strategy has been unveiled.

Economic freedom in Myanmar is classed as ‘repressed’, whilst the ongoing civil conflict is considerably reducing peace in the country. The economy is set to significantly underperform peers, as conflict rages on that is exacerbating inflation and negatively impacting trade. Emigration continues to be a challenge, as is increasing food insecurity, but population growth will somewhat support the consumer market. Internet use is below peers, but mobile adoption has resumed its upward trajectory.