Economic overview
This entry briefly describes five economic components for a given country:
* National Economy, including a brief economic history;
* Domestic Markets, including labor and wage markets, as well as brief commentary on economic sector portfolios;
* Financial Power and Public Finance, including brief discussions of financial market strengths and security, lending/exchange rates (especially if abnormalities exist), and foreign direct investments;
* Trade Power and Influence, including brief commentary on chief imports and exports; and
* Regional Strategy and Efforts, including key partners, regional economic development efforts, and any underlying economic data integrity concerns.
Afghanistan
extremely low-income South Asian economy; import drops, currency depreciation, disappearing central bank reserves, and increasing inflation after Taliban takeover; increasing Chinese trade; hit hard by COVID; ongoing sanctionsAlbania
upper-middle -income Balkan economy; EU accession candidate; growth bolstered by tourism, services, construction, and private consumption; fiscal consolidation through revenue collection to address public debt; challenges include weak governance, corruption, climate adaptation, vulnerability to energy sector shocks, and emigration of workersAlgeria
suffering oil and gas economy; lack of sector and market diversification; political instability chilling domestic consumption; poor credit access and declines in business confidence; COVID-19 austerity policies; delayed promised socio-economic reformsAmerican Samoa
tourism, tuna, and government services-based territorial economy; sustained economic decline; vulnerable tuna canning industry; large territorial government presence; minimum wage increases to rise to federal standards by 2036Andorra
high GDP; low unemployment; non-EU Euro user; co-principality duty-free area between Spain and France; tourist hub but hit hard by COVID-19; modern, non-tax haven financial sector; looking for big tech investments; new member of SEPA and IMFAngola
middle-income, oil-dependent African economy; widespread poverty; rising inflation and currency depreciation; seeking diversification through agricultural production; significant corruption in public institutions; major infrastructure investments from China and US; exited OPEC in 2023Anguilla
small, tourism-dependent, territorial-island economy; very high public debt; COVID-19 crippled economic activity; partial recovery underway via tourism, benefitting from its high amount of timeshare residences; considering reopening oil refineryAntigua and Barbuda
dual island-tourism and construction-driven economy; emerging “blue economy”; limited water supply and susceptibility to hurricanes limit activity; improving road infrastructure; friendly to foreign direct investment; looking at financial innovation in cryptocurrency and blockchain technologiesArgentina
large diversified economy; financial risks from debt obligations, rapid inflation, and reduced investor appetites; resource-rich, export-led growth model; increasing trade relations with China; G20 and OAS leader; tendency to nationalize businesses and under-report inflationArmenia
EEU-and CIS-member state but seeking more EU and US trade; business-friendly growth environments; stable monetary regime but vulnerable demand economy; key copper and gold exporter; persistent unemployment; large diaspora and remittancesAruba
small, tourism-dependent, territorial-island economy; very high public debt; COVID-19 crippled economic activity; partial recovery underway via tourism, benefitting from its high amount of timeshare residences; considering reopening oil refineryAustralia
highly developed, diversified, regionally and globally integrated economy; strong mining, manufacturing, and service sectors; net exporter driven by commodities to East Asian trade partners; “Future Made in Australia” program focused on green energy investmentsAustria
one of the strongest EU and euro economies; diversified trade portfolios and relations; enormous trade economy; Russian energy dependence, but investing in alternative energy; aging labor force but large refugee population; large government debtAzerbaijan
oil-based economy; macroeconomic instabilities due to demand shocks; recent state bailout of largest lender; potential economic gains from Nagorno-Karabakh conflict; negatively impacted by COVID-19; investing in human capital to diversify and retain younger generationBahamas, The
high-income tourism and financial services economy; major income inequality; strong US bilateral relations; several tax relief programs; targeted investment in agriculture, energy, light manufacturing, and technology industriesBahrain
growing, economically diverse Middle Eastern island economy; major recovery and balancing efforts to fulfill Economic Vision 2030; regional finance hub; increasing openness; high youth unemployment; water scarcity amid reservoir depletionBangladesh
one of the fastest growing emerging market economies; strong economic rebound following COVID-19; significant poverty reduction; exports dominated by textile industry; weakened exports and remittances resulted in declining foreign exchange reserves and 2022 IMF loan requestBarbados
largest Eastern Caribbean economy; dependent on US imports and currency strength; high Human Development Index; key tourism and financial sectors; declining but still very high public debt; cost-of-living and cost competitiveness vulnerabilitiesBelarus
declining Russian energy subsidies will end in 2024; growing public debt; strong currency pressures have led to higher inflation; recent price controls on basic food and drugs; public sector wage increases and fragile private sector threaten household income gains and economic growthBelgium
high-income, core EU and eurozone economy; slow but steady growth supported by household consumption and energy shock recovery; high public debt and structural deficits linked to social spending; aging workforce with weak productivity growth and participation ratesBelize
tourism- and agriculture-driven economy; strong post-pandemic rebound; innovative and ecological bond restructuring that significantly lowered public debt and expanded marine protections; central bank offering USD-denominated treasury notes; high mobility across bordersBenin
robust economic growth; slightly declining but still widespread poverty; strong trade relations with Nigeria; cotton exporter; COVID-19 has led to capital outflows and border closures; WAEMU member with currency pegged to the euro; recent fiscal deficit and debt reductionsBermuda
small, tourism- and construction-based, territorial-island economy; American import and tourist destination; known offshore banking hub; increasing inflation; major re-exportation and re-importation areaBhutan
hydropower investments spurring economic development; Gross National Happiness economy; sharp poverty declines; low inflation; strong monetary and fiscal policies; stable currency; fairly resilient response to COVID-19; key economic and strategic relations with India; climate vulnerabilitiesBolivia
resource-rich economy benefits during commodity booms; has bestowed juridical rights to Mother Earth, impacting extraction industries; increasing Chinese lithium mining trade relations; hard hit by COVID-19; increased fiscal spending amid poverty increases; rampant banking and finance corruptionBosnia and Herzegovina
import-dominated economy; remains consumption-heavy; lack of private sector investments and diversification; jointly addressing structural economic challenges; Chinese energy infrastructure investments; high unemployment; tourism industry impacted by COVID-19Botswana
good economic governance and financial management; diamond-driven growth model declining; rapid poverty reductions; high unemployment, particularly among youth; COVID-19 sharply contracted the economy and recovery is slow; public sector wages have posed fiscal challengesBrazil
industrial-led economic growth model; recovering from 2014-2016 recession when COVID-19 hit; industry limited by Amazon rainforest but increasing deforestation; new macroeconomic structural reforms; high income inequality; left UNASUR to join PROSURBritish Indian Ocean Territory
small island territory economy; economic activity mainly on Diego Garcia with national military installations; recently settled disputes with Mauritius have increased oil exports; established marine reserve has limited commercial fishingBritish Virgin Islands
British Caribbean island territorial economy; strong tourism and services industries; vulnerable to hurricanes; navigating public debt insolvency since 2008 Crisis; considered a tax haven; high electrification costs; major rum exporterBrunei
almost exclusively an oil and gas economy; high income country; expansive and robust welfare system; the majority of the population works for the government; promulgating a nationalized halal brand; considering establishment of a bond market and stock exchangeBulgaria
upper-middle-income EU economy; improving living standards and very robust economic growth; coal-based infrastructure; legacy structural vulnerabilities and widespread corruption; increasing Russian economic relations, particularly through energy tradeBurkina Faso
highly agrarian, low-income economy; limited natural resources; widespread poverty; terrorism disrupting potential economic activity; improving trade balance via increases in gold exports; economy inflating after prior deflation; growing public debt but still manageableBurma
prior to COVID-19 and the February 2021 military coup, massive declines in poverty, rapid economic growth, and improving social welfare; underdevelopment, climate change, and unequal investment threaten progress and sustainability planning; since coup, foreign assistance has ceased from most funding sourcesBurundi
highly agrarian, low-income Sub-Saharan economy; declining foreign assistance; increasing fiscal insolvencies; dense and still growing population; COVID-19 weakened economic recovery and flipped two years of deflationCabo Verde
stable, middle-income, developing island economy; strong GDP growth led by tourism sector recovery; sustained poverty reduction through PEDS II development plan; high reliance on foreign remittances and aid to finance external debtCambodia
one of the fastest growing economies; tourism and clothing exports; substantial manufacturing and construction sectors; COVID-19 declines and the suspension of EU market preferential access; massive reductions in poverty, but rural areas remain disproportionately poorCameroon
largest CEMAC economy with many natural resources; recent political instability and terrorism reducing economic output; systemic corruption; poor property rights enforcement; increasing poverty in northern regionsCanada
one of the world’s leading developed economies; globally integrated commercial and financial markets; largest US trading partner; key energy, forestry, manufacturing and service industries; inflation recovering following interest rate hikes; government priorities include climate policy, immigration and affordable housingCayman Islands
dominant offshore banking territory; services sector accounts for over 85% of economic activity; recently adopted a fiscal responsibility framework to combat tax evasion and money laundering; large tourism sector; does not have any welfare system; high standard of livingCentral African Republic
enormous natural resources; extreme poverty; weak public institutions and infrastructure; political and gender-based violence have led to displacement of roughly 25% of population; Bangui-Douala corridor blockade reduced activity and tax collection; strong agricultural performance offset COVID-19 downturnChad
primarily oil-based economy, vulnerable to regional competition and international price shocks; increasing extreme poverty and minimal human capital capacities; one of the most environmentally disrupted economies; high maternal and infant mortality rates destabilizing labor force potentialsChile
export-driven economy; leading copper producer; though hit by COVID-19, fairly quick rebound from increased liquidity and rapid vaccine rollouts; decreasing poverty but still lingering inequality; public debt rising but still manageable; recent political violence has had negative economic consequencesChina
one of the world’s top two economies; sustained growth due to export relations, its manufacturing sector, and low-wage workers; only major economy to avoid COVID-19 economic decline; recovery efforts slowing due to longstanding poverty imbalances and other institutional issues; state-sponsored economic controlsChristmas Island
high-income Australian territorial economy; development through government services and phosphate mining; operates Australia’s Immigration Detention Centre; increasing tourism and government investments; sustained environmental protectionsColombia
prior to COVID-19, one of the most consistent growth economies; declining poverty; large stimulus package has mitigated economic fallout, but delayed key infrastructure investments; successful inflation management; sound flexible exchange rate regime; domestic economy suffers from lack of trade integration and infrastructureComoros
small trade-based island economy; declining remittances; new structural and fiscal reforms; adverse cyclone and COVID-19 impacts; manageable debts; fragile liquidity environment; large foreign direct investment; state-owned enterprises sufferingCongo, Democratic Republic of the
very poor, large, natural resource-rich sub-Saharan country; possesses the world’s second largest rainforest; increasing Chinese extractive sector trade; massive decrease in government investments; increasing current account deficit and public debtsCongo, Republic of the
primarily an oil- and natural resources-based economy; recovery from mid-2010s oil devaluation has been slow and curtailed by COVID-19; extreme poverty increasing, particularly in southern rural regions; attempting to implement recommended CEMAC reforms; increasing likelihood of debt defaultCook Islands
high-income self-governing New Zealand territorial economy; tourism-based activity but diversifying; severely curtailed by COVID-19 pandemic; copra and tropical fruit exporter; Asian Development Bank aid recipientCosta Rica
trade-based upper middle-income economy; green economy leader, having reversed deforestation; investing in blue economy infrastructure; declining poverty until hard impacts of COVID-19; lingering inequality and growing government debts have prompted a liquidity crisisCote d'Ivoire
one of West Africa’s most influential, stable, and rapidly developing economies; poverty declines in urban but increases in rural areas; strong construction sector and increasingly diverse economic portfolio; increasing but manageable public debt; large labor force in agricultureCroatia
tourism-based economy that was one of the hardest hit by COVID-19 economic disruptions; newest euro user since 2023, helping recover from a 6-year recession; public debt increases due to COVID-19 and stimulus packages; weak exports; continuing emigration; new liquefied natural gas import terminalCuba
still largely state-run planned economy, although privatization increasing under new constitution; widespread protests due to lack of basic necessities and electricity; massive foreign investment increases recently; known tobacco exporter; unique oil-for-doctors relationship with Venezuela; widespread corruptionCuracao
high-income island economy; developed infrastructure; tourism and financial services-based economy; investing in information technology incentives; oil refineries service Venezuela and China; unique COVID-19 stimulus support applied to government debts rather than household supportCyprus
services-based, high-income EU island economy; heavy tourism; sustained growth between recovery of national banking system and COVID-19 trade restrictions; high living standards; a known financial hub, its stock exchange functions as an investment bridge between EU-and EEU-member countriesnote: Even though the whole of the island is part of the EU, implementation of the EU "acquis communautaire" has been suspended in the area administered by Turkish Cypriots, known locally as the Turkish Republic of Northern Cyprus, until political conditions permit the reunification of the island. Its market-based economy is roughly one-fifth the size of its southern neighbor and is likewise dominated by the service sector with a large portion of the population employed by the government. Manufacturing is limited mainly to food and beverages, furniture and fixtures, construction materials, metal and non-metal products, textiles and clothing. Little trade exists with the Republic of Cyprus outside of construction, historically relying heavily upon Turkey for financial aid, defense, telecommunications, utilities, and postal services. The Turkish Lira is the preferred currency, though foreign currencies are widely accepted in business transactions.
Czechia
high-income, diversified EU economy; manufacturing-oriented exporter led by automotive industry; growth stalled by inflation and energy supply disruption; business-friendly regulatory frameworks; tight labor market with low unemployment; seeking reforms to support decarbonization and improve energy efficiencyDenmark
high-income, EU member, trade-oriented Nordic economy; growth driven by pharmaceuticals, energy and services; large share of employment in public sector; fixed exchange rate pegged to euro; strong fiscal position; tight labor market addressed by migrant workers and higher average retirement age
Djibouti
food import-dependent Horn of Africa economy driven by various national military bases and port-based trade; fairly resilient from COVID-19 disruptions; major re-exporter; increasing Ethiopian and Chinese trade relations; investing in infrastructureDominica
highly agrarian OECS island economy; ECCU-member state; large banana exporter; improved oversight of its citizenship-by-investment program; emerging ecotourism, information and communications, and education industriesDominican Republic
surging middle-income tourism, construction, mining, and telecommunications OECS economy; major foreign US direct investment and free-trade zones; developing local financial markets; improving debt management; declining povertyEcuador
highly informal South American economy; USD currency user; major banana exporter; hard hit by COVID-19; macroeconomic fragility from oil dependency; successful debt restructuring; China funding budget deficits; social unrest hampering economic activityEgypt
Africa’s second-largest economy; 2030 Vision to diversify markets and energy infrastructure; improving fiscal, external, and current accounts; underperforming private sector; poor labor force participation; expanded credit accessEl Salvador
growth-challenged Central American economy buttressed via remittances; dense labor force; fairly aggressive COVID-19 stimulus plan; new and lower banking reserve requirements; earthquake, tropical storm, and crime disruptions; widespread corruptionEquatorial Guinea
growing CEMAC economy and new OPEC member; large oil and gas reserves; targeting economic diversification and poverty reduction; still recovering from CEMAC crisis; improving public financial management; persistent poverty; hard-hit by COVID-19Eritrea
largely agrarian economy with a significant mining sector; substantial fiscal surplus due to tight controls; high and vulnerable debts; increased Ethiopian trade and shared port usage decreasing prices; financial and economic data integrity challengesEstonia
advanced, service-based EU and eurozone economy; economic downturn due to inflation, trade, and energy impacts of Ukraine war; decline in intra-EU trade; low public debt relative to EU members; recovery depends on improving private investment and productivity ratesEswatini
landlocked southern African economy; South African trade dependent and currency pegging; CMA and SACU member state; COVID-19 economic slowdown; growing utilities inflation; persistent poverty and unemployment; HIV/AIDS labor force disruptionsEthiopia
growing Horn of Africa construction- and services-based economy; port access via Djibouti and Eritrea; widespread but declining poverty; COVID-19, locust invasion, and Tigray crisis disruptions; public investment increases; second largest African labor forceFalkland Islands (Islas Malvinas)
British South American territorial economy; longstanding fishing industry; surging tourism prior to COVID-19 and Brexit; recent offshore hydrocarbon discoveries threaten ecotourism industries; no central bank and must have British approval on currency shiftsFaroe Islands
high-income Danish territorial economy; party neither to the EU nor the Schengen Area; associate Nordic Council member; very low unemployment; unique foreign ownership allowance in fishing industry; known salmon exporter; growing IT industriesFiji
upper-middle income, tourism-based Pacific island economy; susceptible to ocean rises; key energy and infrastructure investments; post-pandemic tourism resurgence; improved debt standing; limited workforceFinland
high-income, export-based EU and eurozone economy; major timber, metals, engineering, telecom, and electronics industries; emerging from recession triggered by inflation, weak consumer and export demand, and lower private investment; labor market reform plan to address structural rigidities
France
high-income, advanced and diversified EU economy and euro user; strong tourism, aircraft manufacturing, pharmaceuticals, and industrial sectors; high public debt; ongoing pension reform efforts; transitioning to a green economy via "France 2030" strategyFrench Polynesia
small, territorial-island tourism-based economy; large French financing; lower EU import duties; Pacific Islands Forum member; fairly resilient from COVID-19; oil-dependent infrastructureFrench Southern and Antarctic Lands
very small, fishing-based, domestic economic activity; military base servicingGabon
natural-resource-rich, upper-middle-income, Central African economy; significant reliance on oil and mineral exports; highly urbanized population; high levels of poverty and unemployment; uncertainty on institutional and development reform progress following 2023 military coupGambia, The
low-income West African economy; agriculture-dominant; high poverty rate; heightened inflation; dependent on foreign assistance and remittances; structural reforms conditioned by IMF Extended Credit Facility programGeorgia
main economic activities include cultivation of agricultural products, such as grapes, citrus fruits, and hazelnuts; mining of manganese, copper, and gold; producing alcoholic and nonalcoholic beverages
Germany
leading diversified, export-driven, core EU and eurozone economy; key automotive, chemical, engineering, finance, and green energy industries; growth stalled by energy crisis; tight labor market with falling working-age population; fiscal rebalancing with phaseout of energy price supportsGhana
West African lower-middle income economy; major gold, oil and cocoa exporter; macroeconomic challenges following nearly four decades of sustained growth; recent progress in debt restructuring, fiscal reforms, financial stability, and curbing runaway inflation under 2023-26 IMF credit facility programGibraltar
British territorial high-income economy; Brexit caused significant economic disruption to longstanding financial services, shipping, and tourism industries; ongoing negotiations to rejoin EU Schengen Area; independent taxation authorityGreece
developed EU and eurozone economy; strong post-COVID growth driven by tourism, shipping industry, exports, and foreign investment supported by EU cohesion funds; public debt remains high despite recent budget surplus; challenges from negative household savings, high unemployment, corruption, and competitiveness gapsGreenland
large self-governing Danish territorial economy; preferential EU market access; high-income economy; dependent on Danish financial support, even for whaling and sealing industries; growing tourism; hydropower-fueled but environmentally fragile economyGrenada
small OECS service-based economy; large tourism, construction, transportation, and education sectors; major spice exporter; shrinking but still high public debt; vulnerable to hurricanes; emerging blue economy incentivesGuam
small Pacific island US territorial economy; upper income, tourism-based economy; hard-hit by COVID-19 disruptions; relaunched many industries via vaccination tourism; domestic economy relies on multiple military bases; environmentally fragile economyGuatemala
developing Central American economy; steady economic growth fueled by remittances; high poverty and income inequality; limited government services, lack of employment opportunities, and frequent natural disasters impede human development efforts and drive emigrationGuernsey
high-income English Channel island economy; strong financial sector but stressed due to COVID-19 disruptions; manufacturing, tourism, and construction industries suffered but expected to recover; stable inflation; maintains independent taxation authorityGuinea
growing but primarily agrarian West African economy; major mining sector; improving fiscal and debt balances prior to COVID-19; economy increasingly vulnerable to climate change; slow infrastructure improvements; gender wealth and human capital gapsGuinea-Bissau
extremely poor West African economy; ethnically diverse labor force; increasing government expenditures; slight inflation due to food supply disruptions; major cashew exporter; systemic banking instabilities and corruption; vulnerable to oil price shocksGuyana
small, hydrocarbon-driven South American export economy; major forest coverage being leveraged in carbon credit offsets to encourage preservation; strengthening financial sector; large bauxite and gold resourcesHaiti
small Caribbean island economy and OECS-member state; extreme poverty and inflation; enormous income inequality; ongoing civil unrest due to recent presidential assassination; US preferential market access; very open to foreign direct investmentHoly See (Vatican City)
limited, tourism-based economy; euro user but issues commemorative stamps and coins; solar energy producer; some printing industry to support museums and religious needsHonduras
second-fastest-growing Central American economy; COVID-19 and two hurricanes crippled activity; high poverty and inequality; declining-but-still-high violent crime disruption; systemic corruption; coffee and banana exporter; enormous remittancesHong Kong
high-income tourism- and services-based economy; global financial hub; COVID-19 and political protests fueled recent recession; ongoing recovery but lower-skilled unemployment remains high; investing in job-reskilling programsHungary
high-income EU and OECD economy; tightening fiscal policy in response to budget deficit; delayed EU cohesion fund disbursement due to judicial independence concerns; high inflation and low consumer confidence; seeking alternatives to dependence on Russian natural gasIceland
high-income north Atlantic island economy; non-EU member but market integration via European Economic Area (EEA); dominant tourism, fishing, and aluminum industries vulnerable to demand swings and volcanic activity; inflation remains above target rate; barriers to foreign business access and economic diversificationIndia
largest South Asian economy; still informal domestic economies; COVID-19 reversed both economic growth and poverty reduction; credit access weaknesses contributing to lower private consumption and inflation; new social and infrastructure equity effortsIndonesia
one of the fastest growing economies and largest in Southeast Asia; upper middle-income country; human capital and competitiveness phase of its 20-year development plan; COVID-19 reversed poverty reduction trajectory; strengthening financial resilienceIran
traditionally state-controlled economy but reforming state-owned financial entities; strong oil/gas, agricultural, and service sectors; recent massive inflation due to exchange rate depreciation, international sanctions, and investor uncertainty; increasing povertyIraq
highly oil-dependent Middle Eastern economy; fiscal sustainability subject to fluctuation in oil prices; rising public confidence in economic conditions; import-dependent for most sectors; persistent challenges of corruption, informal markets, banking access, and political fragilityIreland
strong, export-based EU economy; multinational-business-friendly environment known for resilience, even amid COVID-19 disruptions; real wage growth beyond other OECD members; high livings standards; strong social equity and cohesion; aging labor forceIsle of Man
high-income British island economy; known financial services and tourism industries; taxation incentives for technology and financial firms to operate; historic fishing and agriculture industries are declining; major online gambling and film industry localeIsrael
high-income, technology- and industrial-based economy; economic contraction and fiscal deficits resulting from war in Gaza; labor force stabilizing following military reservist mobilization; high-tech industry remains resilient while construction and tourism among hardest-hit sectorsItaly
core EU economy; strong services, manufacturing, and tourism sectors; sustained recovery in post-COVID inflationary environment; high public debt levels; increasing poverty levels particularly in poorer south; strong exports to EU and US partnersJamaica
upper middle-income Caribbean island economy; ongoing debt restructuring; hurricane-vulnerable economy; high crime, youth unemployment, and poverty; susceptible to commodity shocks from ongoing Russia invasion of UkraineJapan
fourth-largest economy; trade-oriented and highly diversified; high public debt levels; real wage declines in inflationary environment; sustained near-zero central bank rates coupled with depreciation of yen; strong rebound in tourismJersey
British territorial island economy; strong offshore banking and finance sectors; low asset taxation; strong tourism sector prior to COVID-19 and Brexit; one of the most expensive places to live; minimal welfare system; historical cider industryJordan
low growth, upper middle-income Middle Eastern economy; high debt and unemployment, especially for youth and women; key US foreign assistance recipient; natural resource-poor and import-reliantKazakhstan
oil and gas giant, with growing international investment; domestic economy hit hard by COVID-19 disruptions; reforming civil society and improving business confidence; legacy state controls and Russian influence inhibit growth and autonomyKenya
fast growing, third largest Sub-Saharan economy; strong agriculture sector with emerging services and tourism industries; IMF program to address current account and debt service challenges; business-friendly policies foster infrastructure investment, digital innovation and public-private partnerships; vulnerable to climate change-induced droughtsKiribati
lower-middle income, Pacific island economy; environmentally fragile; sizable remittances; key phosphate mining fund; tourism and fishing industries; public sector-dominated economy; recent withdrawal from Pacific Islands Forum; ongoing constitutional crisisKorea, North
one of the last centrally planned economies; hard hit by COVID-19, crop failures, international sanctions, and isolationist policies; declining growth and trade, and heavily reliant on China; poor exchange rate stability; economic data integrity issuesKorea, South
strong export- and technology-oriented East Asian economy; manufacturing led by semiconductor and automotive industries; aging workforce; increased restraint in fiscal policy while maintaining industry support initiativesKosovo
small-but-growing European economy; non-EU member but unilateral euro user; very high unemployment, especially youth; vulnerable reliance on diaspora tourism services, curtailed by COVID-19 disruptions; unclear public loan portfolio healthKuwait
small, high-income, oil-based Middle East economy; renewable energy proponent; regional finance and investment leader; maintains oldest sovereign wealth fund; emerging space and tourism industries; mid-way through 25-year development programKyrgyzstan
landlocked, lower-middle-income Central Asian economy; natural resource rich; growing hydroelectricity and tourism; high remittances; corruption limits investment; COVID-19 and political turmoil hurt GDP, limited public revenues, and increased spendingLaos
lower middle-income, socialist Southeast Asian economy; one of the fastest growing economies; declining but still high poverty; natural resource rich; new anticorruption efforts; already high and growing public debt; service sector hit hard by COVID-19Latvia
high-income EU and eurozone member; economic contraction triggered by export decline and energy shocks; recovery driven by easing inflation, wage growth, and investments supported by EU funds; challenges from skilled labor shortages, capital market access, large informal sector, and green and digital transitionsLebanon
upper middle-income Middle Eastern economy; economic activity hurt by economic depression, COVID-19, and port explosion; hyperinflation and sharp poverty increases; banks have ceased lending; new financing facility helping with recoveryLesotho
lower middle-income economy surrounded by South Africa; environmentally fragile and politically unstable; key infrastructure and renewable energy investments; dire poverty; urban job and income losses due to COVID-19; systemic corruptionLiberia
low-income West African economy; food scarcity, especially in rural areas; high poverty and inflation; bad recession prior to COVID-19 due to Ebola crisis; growing government debt; longest continuously operated rubber plantation; large informal economyLibya
upper middle-income, fossil fuel-based North African economy; 31% economic contraction due to COVID-19 and 2020 oil blockade; reduced government spending; central bank had to devalue currency; public wages are over 60% of expendituresLiechtenstein
high-income European economy; Schengen Area participant; key European financial leader; integrated with Swiss economy and franc currency user; one of the highest GDP per capita countries; relies on US and Eurozone markets for exportsLithuania
high-income EU and eurozone member, largest Baltic economy; growth stalled due to Ukraine war impact on energy, exports, and fiscal spending for defense and refugee support; rebound supported by EU fund-driven investments and reduced inflation; structural challenges include pension reform, labor market inefficiencies, health care, and education spendingLuxembourg
high-income EU and eurozone economy; global, highly capitalized banking sector; one of highest GDP-per-capita countries; trending toward recovery after economic contraction from energy-driven inflation, reduced exports and investments, and financial sector weaknessMacau
high-income, Chinese special administrative region economy; known for apparel exports and gambling tourism; currency pegged to Hong Kong dollar; significant recession due to 2015 Chinese anticorruption campaign; COVID-19 further halved economic activityMadagascar
low-income East African island economy; natural resource rich; extreme poverty; return of political stability has helped growth; sharp tax revenue drop due to COVID-19; leading vanilla producer; environmentally fragileMalawi
low-income East African economy; primarily agrarian; investing in human capital; urban poverty increasing due to COVID-19; high public debt; endemic corruption and poor property rights; poor hydroelectric grid; localized pharmaceutical industryMalaysia
upper middle-income Southeast Asian economy; implementing key anticorruption policies; major electronics, oil, and chemicals exporter; trade sector employs over 40% of jobs; key economic equity initiative; high labor productivityMaldives
upper middle-income Indian Ocean island economy; major tourism, fishing, and shipping industries; high public debt; systemic corruption; crippled by COVID-19; ongoing deflation; poverty has tripled since pandemic beganMali
low-income Saharan economy; recession due to COVID-19 and political instability; extreme poverty; environmentally fragile; high public debt; agricultural and gold exporter; terrorism and warfare are commonMalta
high-income, EU-member European economy; diversified portfolio; euro user; dependent on food and energy imports; strong tourism, trade, and manufacturing sectors; high North African immigration; large welfare system; educated workforceMarshall Islands
upper middle-income Pacific island economy; US aid reliance; large public sector; coconut oil production as diesel fuel substitute; growing offshore banking locale; fishing rights seller; import-dependentMauritania
lower middle-income West African economy; primarily agrarian; rising urbanization; poor property rights; systemic corruption; endemic social and workforce tensions; wide-scale terrorism; foreign over-fishing; environmentally fragileMauritius
upper middle-income Indian Ocean island economy; diversified portfolio; investing in maritime security; strong tourism sector decimated by COVID-19; expanding in information and financial services; environmentally fragileMexico
upper-middle income economy; highly integrated with US via trade and nearshore manufacturing; low unemployment; inflation gradually decreasing amid tight monetary policy; state intervention in energy sector and public infrastructure projects; challenges from income inequality, corruption, and cartel-based violence