Personal tax rates are high, but Norway achieves solid economic freedom and the latest election has rejected right-wing politics whilst state finances remain sound. Although the export base is highly undiversified, new oil and gas discoveries will continue to be somewhat supportive of the economy. Population growth will drive the consumer market and the gender gap is small, but inequality is mounting. Data centres and green technologies are a key focus, whilst e-commerce is more entrenched.

Barriers are present to economic freedom and authoritarianism remains, but state finances are strong and corruption is being tackled. The economy is resilient and the trade environment is set to improve, but the external sector continues to face risks. Although the fertility rate is high, the nation’s health is deteriorating and inequality is widening. Strides have been made in e-governance and the country is attempting to increase innovation, but e-commerce development has been limited.

A change in governance could improve economic freedom, but corruption is pervasive and public finances remain under stress. Although the economy is moderating and inflation remains high, the external sector could be boosted by cooperation with foreign players. Population expansion will drive the consumer market and the gender gap is small, but poverty persists and rural dwellers are sizeable. Internet use that is below peers is adversely affecting e-commerce, but trade is being digitalised.

Denmark enjoys economic freedom and strong state finances, but its politics is becoming more polarised. Although the economy is moderating and inflation is rising, its export and economic base remains diversified. Urbanisation is substantial, raising consumer market appeal, and the gender gap is relatively small, but falling children’s numbers will make such segments less appealing. A strong research tradition will continue to boost innovation, but the technology sector faces skills shortages.

Although economic freedom is good and corruption is being tackled, political instability has increased and tensions with Eastern powers have grown. Inflation is rising and import dependence is very high, but the economy has accelerated and foreign investment could receive a boost. Depopulation is occurring, but solid incomes will support the consumer market. Rural areas need better digital infrastructure, but Lithuania is addressing cybersecurity shortfalls and e-commerce is progressing well.

Economic freedom is ‘repressed’ and the state continues to stifle other freedoms, but public finances are in rude health. Inflation remains a future concern and the economy is moderating owing to lower natural gas prices, but higher foreign investment has been targeted. Poverty rates remain high and a gender income imbalance persists, but strong population growth will support the consumer market. Although mobile adoption is solid, internet use is subdued and is adversely affecting e-commerce.

Although easing tensions with its neighbour have improved peacefulness in Azerbaijan, economic freedom has worsened and corruption is rife. Logistics and tourism are set to add to economic momentum, but output is slowing markedly and inflation remains an issue. Although lower classes dominate the social landscape, a growing population and higher incomes are adding to consumer market appeal. AI is a key focus and e-commerce could be boosted by high internet use, but innovation is lacking.

Solid public finances and a favourable tax regime are boosting economic freedom, but regional relations have deteriorated. Investing in gas is expected to lead to a strong economic recovery, whilst inflation is under control and foreign investment is a growing focus. Although Qatar is youthful, the health of the nation is worsening and it continues to face a gender imbalance. The state is concentrating on advanced technologies like AI and cybersecurity, but skills in these areas are lacking.

Costa Rica is experiencing a more unstable political landscape and a less peaceful environment, but government finances remain controlled. Tourism is struggling, as is ageing infrastructure, whilst the economy is moderating, but inflation is not an issue. Growing incomes will drive the consumer market and the population is more educated than peers, but social mobility is not progressing. Solid internet use will support e-commerce and connectivity is a focus, but innovation is lacking.

Solid government finances and economic freedom characterise Georgia, but democracy is being eroded and the country is moving away from the European Union (EU). The economy has proven to be resilient and is outpacing peers, but inflation is rising and foreign investors are more wary of the path the country is taking. Urbanisation continues, but the consumer market is small and spending is concentrated on essential categories. Innovation is a key focus for the state, but e-commerce lags peers.

Guatemala enjoys solid state finances, but economic freedom has slipped and the political landscape is unstable. Although labour informality is high and exposure to commodities is significant, inflation remains contained and the economy is resilient. High birth rates and robust population growth will support the consumer market, but the gender gap is sizeable. Low internet use is negatively affecting e-commerce, but data centres investment is growing and free internet access is being expanded.

The global economy has weathered trade shocks relatively well throughout 2025, supported by easing financial conditions, moderating inflation, trade negotiations and the agility of the private sector in re-organising the supply chain and rerouting trade flows. Looking ahead to 2026, global growth prospects remain subdued as market volatility persists, trade barriers are high and downside risks to global growth still dominate.

Although economic freedom is improving, corruption remains endemic and relations with neighbouring Algeria have worsened. Economic momentum is accelerating, in part owing to considerable infrastructure spending, whilst inflation is extremely low, but unemployment remains elevated. The country is relatively youthful and poverty has been markedly reduced, but a gender gap persists. High internet use should benefit e-commerce and 5G is making progress, but innovation trails some regional peers.

Switzerland is one of only three nations globally that is considered to be ‘free’ for economic freedom and is very peaceful, whilst it benefits from solid state finances. Very low inflation and interest rates are partly fuelling an economic rebound, but exports could be under pressure. Whilst the gender gap is small and Swiss people are healthier than peers, fertility rates are very low. Focus on advanced technologies will ensure leadership in innovation, but cyber-attacks are growing.

Whilst state finances remain robust and economic freedom has improved, Dutch politics has been unstable. Economic momentum has accelerated, but inflation remains higher than desired and the economy continues to be very open. Health outcomes outperform peers and discretionary spending will be supported by older cohorts, but disposable incomes are subdued and the crisis in housing persists. State efforts have improved digitalisation of SMEs, but semiconductors have led to tensions with China.

Economic freedom has worsened and threats of secession continue to blight the political landscape, but state finances are solid and taxation is low. Economic development has accelerated, but inflation is on the rise and dependence on remittances poses risks. Although incomes are rising considerably, emigration is perpetuating population contraction and the gender gap is marked. Mobile adoption continues apace and 5G is being considered, but e-commerce activity is lower than peers.

Government finances continue to be weak and political tensions over key issues persist, but economic freedom has improved. Although inflation is low, economic momentum is slowing, partly resulting from anaemic productivity growth. Immigration is driving population expansion, the gender gap is small, and inequality is lower than peers, but obesity rates are rising. Innovation is considerable, adding to the development of advanced technologies, whilst high internet use has boosted e-commerce.

Economic freedom is relatively high, as reforms are being implemented and the state is combatting corruption, but tensions with Haiti persist. Largely driven by the success of tourism, economic momentum is greater than peers, but labour informality is significant. Incomes are set to grow strongly and the country could benefit from a demographic dividend, but health outcomes are worsening. Internet and mobile use is solid, whilst satellite is expected to improve connectivity in remote regions.

Although corruption continues to blight governance and negatively impact economic freedom, North Macedonia enjoyed a highly favourable tax regime. Economic momentum is accelerating, driven by state investment in key infrastructure, but inflation is on the rise. Discretionary spending power is relatively low, whilst emigration is leading to population contraction and brain drain. Internet use exceeds the regional average and a new strategy focuses on cybersecurity, but innovation trails peers.

Economic freedom has worsened and instability has been caused by the recent election, but public debt is low. Helped by slowing inflation and a healthy mining sector, the economy is set to accelerate, but reliance on oil remains considerable. Floods and cuts to aid are exacerbating the humanitarian crisis, but Cameroon’s population is youthful and could lead to a demographic dividend. Internet use is low and innovation capacity is limited, but adoption of mobile technology continues apace.

Although terrorism has been absent, peacefulness is worsening in Venezuela and there is scant economic freedom, whilst the state faces growing pressure from the US. Inflation remains a key problem and economic momentum is set to moderate, but renewed licences could boost oil production. Although the population is expanding, brain drain is a major challenge, as is a large gender gap. Internet and mobile usage is increasing and a new strategy could improve connectivity, but innovation is weak.

In 2024, Côte d’Ivoire’s GDP growth eased to 6.0%, but stayed above the regional average, supported by strong consumption. Inflation fell to 3.5%, and is set to remain contained as commodity prices decline. Exports face headwinds from US tariffs, while the fiscal deficit, at a relatively low level, stands out ahead of the 2025 election year, when spending pressures typically rise.

Vietnam’s real GDP growth surged to 7.1% in 2024, driven by strong consumption and industrial output. Inflation rose to 3.6%, mainly due to essential goods. Exports grew 14.1%, supported by machinery and electronic equipment. Prudent fiscal management and export diversification are expected to sustain growth and stability in the coming years.

Tanzania’s economy grew 5.6% in 2024 and is set to average 6.2% annually through 2029. Inflation eased to 3.1% during the year but is expected to edge up to 3.3% in 2025 while remaining within the central bank’s target. Exports rose nearly one-fifth, led by precious metals. Yet outlook is clouded by new US protectionist tariffs, posing risks to agriculture and manufacturing. In 2025, Tanzania is also set to face a higher fiscal deficit as infrastructure investment intensifies and donor