Asia Pacific

Although government finances are solid and monetary freedom rank high, the Solomon Islands suffers from pervasive corruption and low investment freedom. Economic performance is expected to be below peers over the near term. The population is young…

Singapore’s economic freedom is the best in the world, although civil liberties are restricted and corruption is on the rise. Economic momentum is slowing and the external sector is susceptible to global cyclical changes, but inflation is well…

Samoa is a politically stable country with a budget surplus. However, the large influence of the state and significant exposure to tourism could weigh on economic performance in the medium term. Although the country is young and growing, its…

Papua New Guinea faces considerable hurdles, marked by pervasive corruption and limited economic freedom. Country’s economy, heavily reliant on the uncertain global commodity market, is further strained by low productivity due to extensive…

Pakistan’s ‘repressed’ status for economic freedom is largely due to political instability and the undue influence of the military. The economy performed better than peers, but suffers from high inflation and interest rates that suppress growth,…

North Korea’s autocratic regime is the most repressed globally for economic freedom, which propagates corruption, but sanctions could bring the country to the negotiating table. The command economy has been crippled by these sanctions, and remains…

Significant divisions exist between New Caledonia’s indigenous population and its European counterparts, creating political instability. Substantial reliance on nickel is a risk for the economy, which was in recession in 2020. The prospect of…

Political upheaval has been caused by transitioning to a new constitution, whilst economic freedom is suppressed, given ineffective observance of the rule of law. The economy could outperform peers, owing to strength in agriculture and greater…

Nauru’s political landscape is stable, but is sometimes autocratic in nature. The country’s biggest challenge is to diversify the economy away from phosphate production. Nevertheless, planned infrastructure projects could enhance Nauru’s appeal. Its…

Myanmar’s military has created significant instability for the country, whilst corruption continues to be rife and economic freedom has worsened. High inflation is causing the economy to stall and the foreign investment climate has worsened…

Mongolia is a peaceful country, but with high levels of corruption and fragile governance. The economic growth should accelerate in 2023, supported by the vast mining sector, but the country’s dependence on this sector leaves it vulnerable.…

Political stability is being addressed by the Solih government, in particular state corruption. Economic growth should return in 2021, following the deleterious effect of the Coronavirus (COVID-19) pandemic in 2020, but the country needs to move…

Further strides have been made in tackling corruption, but government integrity has dropped, leading to deteriorating economic freedom. Although economic growth slowed markedly, it remains solid and is leading to jobs creation, helping to control…

Macau, China benefits from political stability, but its ageing population could make increasing demands on government finances in the future. As the world’s largest gambling hub, Macau’s economy is heavily dependent on revenues from casinos, making…

An authoritarian stance continues to curb civil liberties and public debt is dangerously elevated in Laos. Although falling, inflation remains very high and is negatively impacting the economy and consumption, whilst the low unemployment rate is…

Political instability is frequent and Kyrgyzstan fell into ‘mostly unfree’ for economic freedom ranking. Economic growth is forecast to be slower than peers and below the pre-pandemic levels. Population growth will add to consumer market appeal and a…

Although Kiribati enjoys political stability, a lack of business freedom has resulted in a poor ranking for economic freedom overall. Its narrow economic base prevents employment creation, resulting in high joblessness, whilst it is also highly…

Weakness in the rule of law negatively impacts economic freedom in Kazakhstan and the state’s authoritarian tendencies remain, but government finances are solid. Although the economy is set to perform relatively well, the export base is undiversified…

Economic freedom in Japan continues to benefit the private sector, as does limited corruption, but fiscal health remains weak. Unemployment is low, but the economy faces external forces that are weakening its performance. Ageing and depopulation…

Recent policies are eroding democracy and corruption is rife, although economic freedom has improved in the short term. The economy has proven to be resilient, helped by higher exports, whilst inflation is moderating and the prospects for foreign…