Better economic freedom is boosting the private sector and state finances are in rude health, but corruption is pervasive. The external sector is prone to risks, but the economy is recovering and infrastructure spending is considerable. Gender disparity is stark and health issues persist, but discretionary spending will be driven by solid incomes. Collaboration with foreign players is helping to advance the technology sector, but research and development (R&D) capacity could improve.

State finances remain under pressure and international relations are tense, but economic freedom is solid. Inflation has resumed and the economy is growing steadily, but the external sector faces risks. As a wealthy nation, discretionary spending capacity is higher than peers and gender disparity is being addressed, but the population is ageing rapidly. Technological advancement is considerable, with the state concentrating on artificial intelligence (AI) and electronic payment systems.

Better economic freedom is boosting the private sector and state finances are in rude health, but corruption is pervasive. The external sector is prone to risks, but the economy is recovering and infrastructure spending is considerable. Gender disparity is stark and health issues persist, but discretionary spending will be driven by solid incomes. Collaboration with foreign players is helping to advance the technology sector, but research and development (R&D) capacity could improve.

Uruguay has solid economic freedom and low levels of corruption, which adds to its stable political landscape. Although the economy is moderating, inflation is falling, but dependence on agriculture remains high. The consumer market benefits from elevated incomes, but the populace is ageing and organised crime has become part of the social fabric. Mobile subscribers continue to rise and e-commerce is progressing, whilst space technology is an ambition, but innovation potential is below peers.

Taiwan is one of the freest nations in the world for economic freedom, but has recently been mired by political instability amidst rising tensions with China. Economic development has been extremely strong, supported by technology exports whilst inflation has continued to fall. Although discretionary spending potential is considerable and the populace is highly educated, income inequality is a worry. Innovation capacity is substantial and state spending could further boost technological prowess.

Authoritarianism has become more entrenched in Tunisia and corruption remains endemic, but the budget balance is set to improve. Economic momentum continues to be weak and unemployment is elevated, but price growth has decelerated. Low population expansion could stymie consumer market development and the gender gap is massive, but urbanisation continues apace. Mobile technology is consumed widely and greater digital transformation is planned, but e-commerce is struggling.

In 2026, global business will navigate resilient but restrained growth amid shifting trade, persistent cost pressures, and ongoing geopolitical and climate risks. At the same time, widening consumer divides and the rise of Generation Alpha demand urgent action to secure relevance for the year ahead and beyond.

Economic freedom has worsened and corruption remains endemic, whilst governance is facing challenges from mass protests. Inflation has fallen markedly, but economic momentum is set to slow and foreign investors appear to be retreating. Alignment with the European Union (EU) is boosting incomes considerably, but the population is shrinking and rural dwellers are substantial in numbers. Mobile and internet use continues to grow, and 5G has been rolled out, but innovation faces some shortcomings.

Slovenia enjoys considerable economic freedom and corruption is being tackled more effectively, whilst state finances remain sound. Inflation is on the rise and economic progress will be subdued in the short term, but joblessness is below peers. Population ageing is a major concern and treatment of the Roma is worsening, but the gender gap is relatively small. Internet and mobile use continue to increase, boosting e-commerce, and innovation has been prioritised, as have semiconductors.

Economic freedom continues to face hurdles, but corruption perceptions compare favourably with peers and regional tensions have subsided. Falling inflation has added to economic resilience, but import dependence is high and tariffs could hit exports. High fertility rates support spending on children, but the gender gap is huge and refugees are a drain on resources. E-commerce has yet to take off and there is persistent ICT skills shortages, but the mobile sector will maintain its growth path.

Although Latvia enjoys solid rankings for economic freedom and corruption, politics is polarised and the threat from Russia persists. Inflation has been rising and economic momentum is weak, but foreign investment is returning to the country. Incomes growth will be extremely strong, but a declining populace will lower the appeal of the consumer market. Robust internet use is a boon for e-commerce, whilst advanced technologies are a major strength, but rural digital infrastructure is lacking.

Economic freedom is weak and the military is increasing its involvement in politics, whilst international relations continue to deteriorate. A moderating economy is being negatively impacted by exports underperformance, but food prices have fallen rapidly. The consumer market will be supported by a larger and relatively youthful populace, but discretionary spending is lower than peers. Metrics for e-commerce are encouraging and 5G is set for launch, but innovation capacity is low.

As a result of reforms, economic freedom is improving. Public debt is also falling, and Greece is more peaceful, but corruption is pervasive. Inflation is contained and the economy is proving to be resilient, but exports are under stress owing to global volatility. Although the gender gap remains meaningful and there is an ageing trend, foreign wealthy individuals have flocked to the country. Children’s online activities are under scrutiny and AI is a major focus, but e-commerce trails peers.

Higher defence spending will weaken public finances, but economic freedom is substantial and the political environment is stable. Supported by state spending, the economy is set to exit recession in 2025, but inflation remains elevated. Inequality and the gender gap is less pronounced than peers, but minority rights are being eroded and the populace is shrinking. Solid internet use is driving e-commerce and Estonia has good innovation credentials, but technology specialists are in short supply.

Whilst fears persist over corruption, Ireland is one of the freest countries in the world for economic freedom and state finances remain robust. Economic momentum is set to be extremely strong in the short term, driven by exports, but inflation is rising and foreign investment flows are volatile. State policies and immigration will support the consumer market, but rural dwellers remain sizeable. Concentration on data centres is reaping rewards and Brexit has benefited the technology landscape.

Although Kenya faces challenges in economic freedom, perceptions of corruption are improving, but political instability is increasing. Inflation is contained and the economy is exhibiting resilience, but tariffs could hit exports. Incomes are growing, but discretionary spending remains modest and the rural populace is sizeable. The country has attracted major technology investment, but rapid sector development is leading to skills shortages and e-commerce is hindered by low internet use.

Aspects of economic freedom are challenging for Ghana and corruption is rife, but the country continues to embrace a democratic model in stark contrast to many regional peers. Economic momentum is accelerating and inflation is falling, but a large exposure to commodities presents risks. Incomes are supported by state policies, but the gender income gap is marked and discretionary spending is constrained. Boosting innovation and skills is a key focus, but e-commerce engagement is low.

Although state finances are sound and economic freedom is better, the leadership is growing more hostile towards the West. Economic performance is outpacing peers and inflation is falling, but the country is grappling with a shortage of labour. Urbanisation is accelerating, but Croatia is ageing and gender disparity is relatively large. Innovation is creating world-class technology companies, but internet use is low and small and medium enterprises (SMEs) are digitalising only slowly.

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.