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.

Hong Kong’s real GDP growth slowed to 2.5% in 2024, below the regional average, though GDP per capita stayed high. Export growth, led by machinery and electronics, rose by 9.1%, offsetting weaker private consumption. Inflation is projected to ease to 1.6% in 2025, with monetary policy kept cautious to balance stability and growth. Despite strong exports in 2024, the outlook has dimmed as global uncertainty deepens and US protectionist tariffs intensify.

Switzerland’s GDP grew by 1.4% in 2024, above the Western European average, supported by consumption and exports, while inflation fell to 1.1% and fiscal balances strengthened. Growth is set to ease to 1.0% in 2025 as weaker global demand and higher US tariffs weigh on exports. However, resilient domestic demand, underpinned by rising real wages and employment, is expected to cushion the slowdown.

Japan’s GDP growth slowed to 0.2% in 2024, the region’s second weakest, though GDP per capita remained high at USD32,536. Inflation eased to 2.7% staying above the Bank of Japan’s 2% target. The deficit widened to 6.1% of GDP, while debt edged down to 236.6%, still the highest among advanced economies. In 2025, growth is set to accelerate as broad wage gains fuel consumption, while a US tariff deal gives exporters a sharper edge in the US market, compared to most other countries.

In 2024, South Africa’s GDP grew by just 0.6%, well below the regional average, with modest gains in private spending and exports. Inflation eased to 4.4% on lower food and energy costs. In 2025, a more stable energy supply offers relief, but higher tariffs weigh on prospects. The fiscal deficit is set to widen over the short term, and growth over 2024-2029 is forecast to average only 1.6% a year.

Thailand’s GDP grew 2.5% in 2024, trailing the Asia Pacific average of 4.7%, with per capita income also below the regional mean. During the year, the growth was supported by consumption and machinery-led exports, however, looking forward, weak investment and a widening budget deficit, despite the scrapping of the digital wallet scheme, pose risks. Low inflation offers some stability, yet higher U.S. tariffs threaten exports

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.

South Korea’s GDP grew by 2.0% in 2024, below the regional average, though GDP per capita stayed solid at USD36,247. Exports rose by 8.1%, one of the fastest rates globally, stimulated by global demand for high-tech products. Growth is projected to slow to 0.9% in 2025 amid global uncertainties, weaker private investment, and higher US tariffs, though inflation remains manageable and is expected to reach the central bank’s target of 2.0% in 2025.

Indonesia’s real GDP grew by 5.0% in 2024, driven by strong private and public consumption, though GDP per capita stayed below the regional average. Inflation eased to 2.2% on tighter monetary policy and lower commodity prices, lifting consumer confidence. During 2024-2029, growth is projected at a 4.9% CAGR, supported by structural reforms, investments, and strong private and public consumption.

In 2024, the UK’s real GDP grew by 1.1%, supported by rises in private and public spending, but growth remained below the Western European average. Inflation eased to 2.5%, helped by lower food and energy prices, but stayed above the Bank of England’s 2% target. The budget deficit was 5.9% of GDP, despite a 2.0% increase in revenues. Public spending rose by 1.8%. Public debt climbed to 101.2% of GDP, highlighting ongoing fiscal pressures and the need for careful financial management.

India’s GDP growth slowed to 6.5% in 2024, but it outpaced the Asia Pacific average and remained among the fastest growing major economies. Private spending and capital investment drove growth, while weak public consumption was a negative factor. Inflation eased to 4.9%, owing to tighter monetary policy and lower food and energy costs, and is predicted to fall further to 3.8% in 2025. High US tariffs pose risks, but new government measures aim to offset the impact.

In 2024, Greece’s real GDP increased by 2.3% year-on-year, supported by private consumption and gross fixed capital formation (GFCF). However, lower public consumption and net exports acted as a drag on growth. Inflation fell to 2.7% in 2024, driven by lower food and energy prices, but it remained above the 2% target. The country’s budget recorded a surplus in 2024, and public debt as a percentage of GDP decreased.

Spain’s real GDP growth accelerated to 3.2% in 2024, outpacing the Western Europe average, driven by strong private and public spending. GDP per capita nevertheless remained below the regional average. Inflation eased to 2.8% but stayed above the European Central Bank’s target. Growth is forecast to slow to 2.4% in 2025, with policy efforts centred on boosting exports and managing imports under the EUR14.1 billion Trade Response and Relaunch Plan.

Ireland’s real GDP grew by 1.2% in 2024, below the Western European average, though GDP per capita remained high. Inflation eased to 2.1%, mainly due to falling food and energy prices. Exports rose by 14.8%, led by chemicals, including pharmaceuticals, while imports dropped by 4.2%. Meanwhile, a 4.3% budget surplus was recorded, supported by a 17.3% revenue increase that outpaced spending – marking the strongest revenue growth in Western Europe.

Malaysia’s real GDP growth reached 5.1% in 2024, surpassing the regional average, fuelled by strong private and public consumption, robust investment and healthy exports. Inflation is projected to rise slightly, to 1.9%, with the central bank adopting a cautious approach to managing potential price pressures. In 2025, real GDP growth is predicted to moderate to 4.1%, influenced by global uncertainties, though solid domestic drivers will offer some support.

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.

Romania’s GDP growth slowed to 0.8% in 2024 – below the regional average. Expansion was supported mainly by private and public consumption, while weak investment and subdued exports constrained momentum. Inflation eased to 5.6%, reflecting moderating price pressures. Looking ahead, ongoing efforts to diversify export markets, alongside gradual fiscal consolidation, are expected to lay the foundation for a more balanced and resilient economic recovery over the forecast period.