In this article, we will look into the 10 most conservative countries in the world and their economic development. If you want to read our detailed analysis, you can go directly to the 30 Most Conservative Countries in the World and their Economic Development.
10. Kosovo
Personal Income Tax Rate (2023): 25%
Corporate Tax Rate (2023): 10%
Annual Social Assistance Spending as a percentage of GDP (2017-2018): 4.57%
Insider Monkey rating: 0.197 out of 1
Kosovo is a country located in the Southeast of Europe. According to the IMF, it reports a GDP per capita of $15,770 and a GDP growth of 3.8% as of 2023. Kosovo spent an annual 4.57% of its GDP on social welfare from 2017 to 2018, according to the World Bank. It is ranked among the most conservative countries in the world with a personal income tax rate of 25% and a corporate tax of 10%.
9. Mauritania
Personal Income Tax Rate (2023): 10%
Corporate Tax Rate (2023): 25%
Annual Social Assistance Spending as a percentage of GDP (2015-2016): 2.33%
Insider Monkey rating: 0.186 out of 1
Mauritania is a country located in Africa. According to the IMF, it reports a GDP per capita of $7,540 and a GDP growth of 4.5% as of 2023. Mauritania spent an annual 2.33% of its GDP on social welfare from 2015 to 2016, as reported by the World Bank. It is ranked among the most conservative countries in the world with a personal income tax rate of 10% and a corporate tax of 25%.
8. Honduras
Personal Income Tax Rate (2023): 10%
Corporate Tax Rate (2023): 25%
Annual Social Assistance Spending as a percentage of GDP (2015-2018): 0.31%
Insider Monkey rating: 0.176 out of 1
Honduras is a country in Central America. It reports a GDP per capita of $7,160 and a GDP growth of 2.9% as of 2023, according to the IMF. It is ranked 8th on our list, with a personal income tax rate of 25% corporate tax rate and a 10% personal income tax rate. According to the World Bank, Honduras spent 0.31% of its GDP annually on social welfare from 2015 to 2018.
7. Montenegro
Personal Income Tax Rate (2021): 23%
Corporate Tax Rate (2021): 9%
Annual Social Assistance Spending as a percentage of GDP (2018-2020): 1.75%
Insider Monkey rating: 0.168 out of 1
Montenegro reports a GDP per capita of $28,000 as of 2023, according to the IMF, and a GDP growth of 4.5%. Montenegro spent an annual 1.75% of its GDP on social welfare from 2018 to 2020. It is ranked 7th on our list with a 9% corporate tax rate and a 23% personal income tax rate.
6. Moldova
Personal Income Tax Rate (2023): 20%
Corporate Tax Rate (2023): 12%
Annual Social Assistance Spending as a percentage of GDP (2015-2017): 1.11%
Insider Monkey rating: 0.165 out of 1
Moldova is an Eastern European country. According to the IMF, it reports a GDP per capita of $16,290 and a GDP growth of 2% as of 2023. It is ranked among the most conservative countries in the world, with a 12% corporate tax rate and a 20% personal income tax rate. According to the World Bank, Moldova reported an annual social assistance spending of 1.11% from 2015 to 2017.
5. Arab Republic of Egypt
Personal Income Tax Rate (2022): 7%
Corporate Tax Rate (2022): 22.5%
Annual Social Assistance Spending as a percentage of GDP (2015-2020): 2.92%
Insider Monkey rating: 0.165 out of 1
The Arab Republic of Egypt reports a GDP per capita of $17,120 and a GDP growth of 4.2% as of 2023. Egypt spent an annual 2.92% of its GDP on social welfare from 2015 to 2020, as reported by the World Bank. It is ranked among the most conservative countries in the world, with a personal income tax rate of 7% and a corporate tax of 22.5%.
4. Mauritius
Personal Income Tax Rate (2023): 13%
Corporate Tax Rate (2023): 15%
Annual Social Assistance Spending as a percentage of GDP (2015): 3.26%
Insider Monkey rating: 0.156 out of 1
Mauritius reports a GDP per capita of $29,530 and a GDP growth of 5.1% as of 2023, according to the IMF. It is ranked 4th on our list, with a 15% corporate tax rate and a 13% personal income tax rate. According to the World Bank, Mauritius reported an annual social assistance spending of 3.26% in 2015.
3. Hungary
Personal Income Tax Rate (2022): 20%
Corporate Tax Rate (2022): 9%
Annual Social Assistance Spending as a percentage of GDP (2016-2017): 1.83%
Insider Monkey rating: 0.154 out of 1
Hungary reports a GDP per capita of $43,600 as of 2023, according to the IMF. Hungary is ranked 3rd on our list with a low corporate tax rate of 9%. According to the World Bank, Hungary reported an annual social spending of 1.83% from 2016 to 2017.
2. Iraq
Personal Income Tax Rate (2023): 13%
Corporate Tax Rate (2023): 15%
Annual Social Assistance Spending as a percentage of GDP (2021): 1.29%
Insider Monkey rating: 0.146 out of 1
Iraq reports a GDP per capita of $11,740 as of 2023, according to the IMF. In 2021, Iraq spent an annual 1.29% of its GDP on social welfare, as reported by the World Bank. It is ranked among the most conservative countries in the world with a personal income tax rate of 13% and a corporate tax of 15%.
1. Mexico
Personal Income Tax Rate (2023): 10%
Corporate Tax Rate (2023): 15%
Annual Social Assistance Spending as a percentage of GDP (2019-2020): 1.62%
Insider Monkey rating: 0.133 out of 1
Mexico ranks 1st on our list of the most conservative countries in the world. According to the IMF, it reports a GDP per capita of $24,980 and a GDP growth of 3.2%. From 2019 to 2020, Mexico spent an annual 1.62% of its GDP on social welfare, as reported by the World Bank. It has a personal income tax rate of 10% and a corporate tax rate of 15%.
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