* indicates monthly or quarterly data series

Financial markets development, efficiency, 2021:

The average for 2021 based on 93 countries was 0.325 index points. The highest value was in Brazil: 1 index points and the lowest value was in Rwanda: 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, efficiency, 2021 Global rank Available data
Brazil 1 1 1980 - 2021
China 1 2 1982 - 2021
Finland 1 3 1980 - 2021
Italy 1 4 1980 - 2021
Japan 1 5 1980 - 2021
Portugal 1 6 1980 - 2021
South Korea 1 7 1980 - 2021
Thailand 1 8 1980 - 2021
Turkey 1 9 1985 - 2021
USA 1 10 1980 - 2021
Germany 0.98 11 1980 - 2021
India 0.925 12 1980 - 2021
Australia 0.88 13 1980 - 2021
Sweden 0.845 14 1980 - 2021
UK 0.815 15 1980 - 2021
Switzerland 0.806 16 1980 - 2021
Spain 0.796 17 1980 - 2021
France 0.785 18 1980 - 2021
Netherlands 0.747 19 1980 - 2021
Malaysia 0.703 20 1980 - 2021
Hong Kong 0.618 21 1980 - 2021
Poland 0.58 22 1980 - 2021
Denmark 0.556 23 1980 - 2021
Hungary 0.499 24 1982 - 2021
Israel 0.493 25 1980 - 2021
Russia 0.491 26 1990 - 2021
Egypt 0.48 27 1980 - 2021
Canada 0.472 28 1980 - 2021
Iran 0.469 29 1980 - 2021
Norway 0.425 30 1980 - 2021
Greece 0.399 31 1982 - 2021
Vietnam 0.377 32 1992 - 2021
Austria 0.372 33 1980 - 2021
Pakistan 0.365 34 1980 - 2021
Ireland 0.36 35 1980 - 2021
Belgium 0.35 36 1980 - 2021
South Africa 0.345 37 1980 - 2021
Indonesia 0.326 38 1980 - 2021
Chile 0.266 39 1980 - 2021
Mexico 0.255 40 1980 - 2021
Saudi Arabia 0.247 41 1980 - 2021
New Zealand 0.207 42 1980 - 2021
Bangladesh 0.205 43 1980 - 2021
Singapore 0.202 44 1980 - 2021
Czechia 0.196 45 1990 - 2021
Qatar 0.173 46 1980 - 2021
UA Emirates 0.157 47 1980 - 2021
Kuwait 0.153 48 1980 - 2021
Philippines 0.148 49 1980 - 2021
Romania 0.142 50 1980 - 2021
Sri Lanka 0.132 51 1980 - 2021
Colombia 0.116 52 1980 - 2021
Serbia 0.116 53 1994 - 2021
Jordan 0.1 54 1980 - 2021
Argentina 0.093 55 1980 - 2021
Oman 0.078 56 1980 - 2021
Morocco 0.068 57 1980 - 2021
Slovenia 0.068 58 1992 - 2021
Tunisia 0.066 59 1980 - 2021
Mauritius 0.062 60 1980 - 2021
Ukraine 0.057 61 1992 - 2021
Botswana 0.055 62 1980 - 2021
Nigeria 0.054 63 1980 - 2021
Tr.&Tobago 0.053 64 1980 - 2021
Paraguay 0.047 65 1980 - 2021
Lebanon 0.043 66 1980 - 2021
Bahrain 0.03 67 1980 - 2021
Ecuador 0.03 68 1980 - 2021
Peru 0.03 69 1980 - 2021
Kenya 0.028 70 1980 - 2021
Venezuela 0.028 71 1980 - 2021
Namibia 0.024 72 1990 - 2021
Ivory Coast 0.023 73 1982 - 2021
Costa Rica 0.02 74 1980 - 2021
Panama 0.019 75 1980 - 2021
Swaziland 0.019 76 1980 - 2021
Belarus 0.018 77 1993 - 2021
Croatia 0.018 78 1992 - 2021
Malta 0.017 79 1980 - 2021
Bulgaria 0.015 80 1988 - 2021
Seychelles 0.012 81 1980 - 2021
Kazakhstan 0.011 82 1993 - 2021
Cyprus 0.01 83 1980 - 2021
Zambia 0.008 84 1980 - 2021
Jamaica 0.005 85 1980 - 2021
Ghana 0.004 86 1980 - 2021
Tanzania 0.004 87 1980 - 2021
Barbados 0.003 88 1980 - 2021
Slovakia 0.002 89 1991 - 2021
Uruguay 0.002 90 1980 - 2021
Luxembourg 0.001 91 1980 - 2021
Papua N.G. 0.001 92 1980 - 2021
Rwanda 0 93 1980 - 2021



Definition: Measures the efficiency of financial markets using the following variable: Stock market turnover ratio (stocks traded to capitalization). See Svirydzenka, Katsiaryna (IMF, 2016) for more detail.

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