Greece Ranks in Top Five of Global Economy Performance by The Economist

10:20 12/12/2024 - Πηγή: iEfimerida

As 2024 draws to a close, The Economist has ranked Greece among the top five countries in global economic performance.

The reputable publication notes that while the global economy had a strong year in key economic

indicators, there are significant disparities between countries.

According to the IMF, global GDP is expected to grow by 3.2%, inflation has decreased, and employment growth remains steady.

Stock markets have risen by more than 20% for the second consecutive year. However, this positive global outlook hides substantial differences between nations.

The Economist's evaluation, based on economic and financial indicators such as GDP, stock market performance, core inflation, unemployment, and government deficits, covers 37 primarily wealthy countries, excluding developing economies.

Spain tops the ranking, followed by Ireland and Denmark, with Greece and Italy completing the top five.

The report highlights that Greece and Italy, once emblematic of the eurozone's troubles, continue their strong recovery. In contrast, Northern European countries, known for their heavy industries, have underperformed, with the UK and Germany showing sluggish results. The Baltic duo of Latvia and Estonia remains at the bottom, a position they held in 2022 as well.

The extensive report also notes that global GDP has been bolstered by the resilient American economy and praises Israel's economic performance following a sharp slowdown in the last quarter of 2023 due to the military conflict with Hamas.

For Spain, which leads the ranking, the report underscores the GDP growth driven by a strong labor market and high levels of immigration boosting productivity.

Regarding unemployment, The Economist points out that labor markets remain surprisingly robust, with unemployment rates near record lows.

Southern Europe, which still suffers from high unemployment, has seen remarkable improvement: unemployment in Greece, Italy, and Spain has fallen to its lowest level in over a decade. Italy has made the most progress, with unemployment dropping by 1.4 percentage points since the beginning of the year. In terms of fiscal and government deficits, the report highlights the UK's declining trajectory and the critical phase France is in, being mired in political turmoil and unable to control spending.

Looking ahead to 2025, The Economist emphasizes that the global economy faces new challenges and notes that the multiple elections in 2024 have brought unpredictable leaders to the forefront.

However, it concludes that for now, at least, Spain, Greece, and Italy—long underestimated by their northern neighbors—can enjoy their economic recovery. They deserve a celebration.

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