Financial markets development, depth - Country rankings

* indicates monthly or quarterly data series

Financial markets development, depth, 2021:

The average for 2021 based on 157 countries was 0.255 index points. The highest value was in Canada: 0.999 index points and the lowest value was in Democratic Republic of the Congo: 0 index points. The indicator is available from 1980 to 2021. Below is a chart for all countries where data are available.

Measure: index points; Source: International Monetary Fund
Select indicator
* indicates monthly or quarterly data series


Countries Financial markets development, depth, 2021 Global rank Available data
Canada 0.999 1 1980 - 2021
UK 0.989 2 1980 - 2021
Switzerland 0.988 3 1980 - 2021
USA 0.988 4 1980 - 2021
Netherlands 0.957 5 1980 - 2021
Sweden 0.935 6 1980 - 2021
Malaysia 0.93 7 1980 - 2021
Australia 0.92 8 1980 - 2021
France 0.905 9 1980 - 2021
Japan 0.903 10 1980 - 2021
Singapore 0.776 11 1980 - 2021
South Korea 0.773 12 1980 - 2021
Thailand 0.746 13 1980 - 2021
Spain 0.732 14 1980 - 2021
Germany 0.725 15 1980 - 2021
Hong Kong 0.711 16 1980 - 2021
Norway 0.695 17 1980 - 2021
Saudi Arabia 0.694 18 1980 - 2021
China 0.683 19 1982 - 2021
South Africa 0.672 20 1980 - 2021
UA Emirates 0.67 21 1980 - 2021
Qatar 0.657 22 1980 - 2021
Luxembourg 0.649 23 1980 - 2021
Belgium 0.635 24 1980 - 2021
Italy 0.627 25 1980 - 2021
Bahrain 0.622 26 1980 - 2021
Denmark 0.61 27 1980 - 2021
India 0.598 28 1980 - 2021
Philippines 0.566 29 1980 - 2021
Ireland 0.544 30 1980 - 2021
Brazil 0.538 31 1980 - 2021
Iran 0.513 32 1980 - 2021
Portugal 0.508 33 1980 - 2021
Venezuela 0.49 34 1980 - 2021
Finland 0.469 35 1980 - 2021
Austria 0.452 36 1980 - 2021
Mauritius 0.447 37 1980 - 2021
Kuwait 0.436 38 1980 - 2021
Cyprus 0.433 39 1980 - 2021
Bahamas 0.429 40 1980 - 2021
Chile 0.428 41 1980 - 2021
Turkey 0.421 42 1985 - 2021
Greece 0.405 43 1982 - 2021
Panama 0.385 44 1980 - 2021
New Zealand 0.353 45 1980 - 2021
Israel 0.349 46 1980 - 2021
Jamaica 0.345 47 1980 - 2021
Lebanon 0.322 48 1980 - 2021
Russia 0.312 49 1990 - 2021
Iceland 0.297 50 1980 - 2021
Oman 0.295 51 1980 - 2021
Mexico 0.29 52 1980 - 2021
Mongolia 0.264 53 1991 - 2021
Papua N.G. 0.259 54 1980 - 2021
Grenada 0.255 55 1980 - 2021
Mozambique 0.245 56 1990 - 2021
Barbados 0.243 57 1980 - 2021
Indonesia 0.241 58 1980 - 2021
Liberia 0.239 59 1981 - 2021
Vietnam 0.238 60 1992 - 2021
Burundi 0.237 61 1980 - 2021
Togo 0.237 62 1980 - 2021
Colombia 0.233 63 1980 - 2021
Malta 0.219 64 1980 - 2021
Laos 0.217 65 1989 - 2021
Tr.&Tobago 0.209 66 1980 - 2021
Peru 0.2 67 1980 - 2021
Morocco 0.194 68 1980 - 2021
Kazakhstan 0.179 69 1993 - 2021
Seychelles 0.179 70 1980 - 2021
Honduras 0.167 71 1980 - 2021
Poland 0.167 72 1980 - 2021
Croatia 0.16 73 1992 - 2021
Jordan 0.157 74 1980 - 2021
Hungary 0.132 75 1982 - 2021
Uzbekistan 0.127 76 1993 - 2021
Namibia 0.114 77 1990 - 2021
Azerbaijan 0.112 78 1992 - 2021
Yemen 0.107 79 1988 - 2021
Bulgaria 0.103 80 1988 - 2021
Ivory Coast 0.101 81 1982 - 2021
Botswana 0.099 82 1980 - 2021
Egypt 0.097 83 1980 - 2021
Rwanda 0.087 84 1980 - 2021
Sri Lanka 0.082 85 1980 - 2021
Bangladesh 0.081 86 1980 - 2021
Ghana 0.081 87 1980 - 2021
Slovenia 0.081 88 1992 - 2021
Chad 0.077 89 1980 - 2021
Tunisia 0.076 90 1980 - 2021
Kenya 0.074 91 1980 - 2021
Czechia 0.073 92 1990 - 2021
Argentina 0.069 93 1980 - 2021
Nigeria 0.069 94 1980 - 2021
Estonia 0.065 95 1992 - 2021
Pakistan 0.063 96 1980 - 2021
Zambia 0.063 97 1980 - 2021
Georgia 0.062 98 1994 - 2021
Saint Lucia 0.061 99 1980 - 2021
Angola 0.06 100 1993 - 2021
Romania 0.06 101 1980 - 2021
Uruguay 0.059 102 1980 - 2021
Slovakia 0.048 103 1991 - 2021
Serbia 0.047 104 1994 - 2021
Turkmenistan 0.047 105 1998 - 2021
R. of Congo 0.046 106 1980 - 2021
Paraguay 0.044 107 1980 - 2021
Bhutan 0.043 108 1982 - 2021
Costa Rica 0.043 109 1980 - 2021
Brunei 0.041 110 1986 - 2021
Latvia 0.04 111 1993 - 2021
Lithuania 0.039 112 1993 - 2021
Ukraine 0.036 113 1992 - 2021
Ecuador 0.035 114 1980 - 2021
El Salvador 0.035 115 1980 - 2021
Guinea 0.034 116 1989 - 2021
Guatemala 0.031 117 1980 - 2021
Armenia 0.03 118 1993 - 2021
Senegal 0.03 119 1980 - 2021
Gabon 0.029 120 1980 - 2021
Tanzania 0.027 121 1980 - 2021
Benin 0.026 122 1980 - 2021
Domin. Rep. 0.026 123 1980 - 2021
Niger 0.025 124 1980 - 2021
Ethiopia 0.023 125 1980 - 2021
Albania 0.022 126 1992 - 2021
Suriname 0.022 127 1980 - 2021
Belarus 0.02 128 1993 - 2021
Belize 0.018 129 1980 - 2021
Bolivia 0.017 130 1980 - 2021
Swaziland 0.017 131 1980 - 2021
Aruba 0.015 132 1986 - 2021
Mauritania 0.015 133 1980 - 2021
Guyana 0.014 134 1980 - 2021
Sierra Leone 0.013 135 1980 - 2021
North Macedonia 0.011 136 1992 - 2021
Madagascar 0.009 137 1980 - 2021
Moldova 0.009 138 1992 - 2021
Maldives 0.008 139 1980 - 2021
Mali 0.008 140 1980 - 2021
Cameroon 0.007 141 1980 - 2021
Tajikistan 0.007 142 1998 - 2021
Uganda 0.007 143 1980 - 2021
Bosnia & Herz. 0.006 144 1995 - 2021
Burma 0.005 145 1980 - 2021
Fiji 0.005 146 1980 - 2021
Kyrgyzstan 0.005 147 1995 - 2021
Cambodia 0.004 148 1993 - 2021
Cape Verde 0.004 149 1980 - 2021
Lesotho 0.004 150 1980 - 2021
Nicaragua 0.003 151 1980 - 2021
Burkina Faso 0.002 152 1980 - 2021
Malawi 0.002 153 1980 - 2021
Nepal 0.002 154 1980 - 2021
Algeria 0.001 155 1980 - 2021
DR Congo 0 156 1993 - 2021
Sudan 0 157 1980 - 2021



Definition: Measures the depth (size) of financial markets using the principal component methodology with the following variables: Stock market capitalization to GDP; Stocks traded to GDP; International debt securities of government to GDP; Total debt securities of financial corporations to GDP; and Total debt securities of nonfinancial corporations to GDP. See Svirydzenka, Katsiaryna (IMF, 2016) for more detail.

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All articles

1. Canada
2. UK
3. Switzerland
4. USA
5. Netherlands
6. Sweden
7. Malaysia
8. Australia
9. France
10. Japan
11. Singapore
12. South Korea
13. Thailand
14. Spain
15. Germany
16. Hong Kong
17. Norway
18. Saudi Arabia
19. China
20. South Africa
21. UA Emirates
22. Qatar
23. Luxembourg
24. Belgium
25. Italy
26. Bahrain
27. Denmark
28. India
29. Philippines
30. Ireland
31. Brazil
32. Iran
33. Portugal
34. Venezuela
35. Finland
36. Austria
37. Mauritius
38. Kuwait
39. Cyprus
40. Bahamas
41. Chile
42. Turkey
43. Greece
44. Panama
45. New Zealand
46. Israel
47. Jamaica
48. Lebanon
49. Russia
50. Iceland
51. Oman
52. Mexico
53. Mongolia
54. Papua N.G.
55. Grenada
56. Mozambique
57. Barbados
58. Indonesia
59. Liberia
60. Vietnam
61. Burundi
62. Togo
63. Colombia
64. Malta
65. Laos
66. Tr.&Tobago
67. Peru
68. Morocco
69. Kazakhstan
70. Seychelles
71. Honduras
72. Poland
73. Croatia
74. Jordan
75. Hungary
76. Uzbekistan
77. Namibia
78. Azerbaijan
79. Yemen
80. Bulgaria
81. Ivory Coast
82. Botswana
83. Egypt
84. Rwanda
85. Sri Lanka
86. Bangladesh
87. Ghana
88. Slovenia
89. Chad
90. Tunisia
91. Kenya
92. Czechia
93. Argentina
94. Nigeria
95. Estonia
96. Pakistan
97. Zambia
98. Georgia
99. Saint Lucia
100. Angola
101. Romania
102. Uruguay
103. Slovakia
104. Serbia
105. Turkmenistan
106. R. of Congo
107. Paraguay
108. Bhutan
109. Costa Rica
110. Brunei
111. Latvia
112. Lithuania
113. Ukraine
114. Ecuador
115. El Salvador
116. Guinea
117. Guatemala
118. Armenia
119. Senegal
120. Gabon
121. Tanzania
122. Benin
123. Domin. Rep.
124. Niger
125. Ethiopia
126. Albania
127. Suriname
128. Belarus
129. Belize
130. Bolivia
131. Swaziland
132. Aruba
133. Mauritania
134. Guyana
135. Sierra Leone
136. North Macedonia
137. Madagascar
138. Moldova
139. Maldives
140. Mali
141. Cameroon
142. Tajikistan
143. Uganda
144. Bosnia & Herz.
145. Burma
146. Fiji
147. Kyrgyzstan
148. Cambodia
149. Cape Verde
150. Lesotho
151. Nicaragua
152. Burkina Faso
153. Malawi
154. Nepal
155. Algeria
156. DR Congo
157. Sudan
0.999
0.989
0.988
0.988
0.957
0.935
0.930
0.920
0.905
0.903
0.776
0.773
0.746
0.732
0.725
0.711
0.695
0.694
0.683
0.672
0.670
0.657
0.649
0.635
0.627
0.622
0.610
0.598
0.566
0.544
0.538
0.513
0.508
0.490
0.469
0.452
0.447
0.436
0.433
0.429
0.428
0.421
0.405
0.385
0.353
0.349
0.345
0.322
0.312
0.297
0.295
0.290
0.264
0.259
0.255
0.245
0.243
0.241
0.239
0.238
0.237
0.237
0.233
0.219
0.217
0.209
0.200
0.194
0.179
0.179
0.167
0.167
0.160
0.157
0.132
0.127
0.114
0.112
0.107
0.103
0.101
0.099
0.097
0.087
0.082
0.081
0.081
0.081
0.077
0.076
0.074
0.073
0.069
0.069
0.065
0.063
0.063
0.062
0.061
0.060
0.060
0.059
0.048
0.047
0.047
0.046
0.044
0.043
0.043
0.041
0.040
0.039
0.036
0.035
0.035
0.034
0.031
0.030
0.030
0.029
0.027
0.026
0.026
0.025
0.023
0.022
0.022
0.020
0.018
0.017
0.017
0.015
0.015
0.014
0.013
0.011
0.009
0.009
0.008
0.008
0.007
0.007
0.007
0.006
0.005
0.005
0.005
0.004
0.004
0.004
0.003
0.002
0.002
0.002
0.001
0.000
0.000
0
0.2
0.5
0.7
1


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