In its report regarding the annual analysis of the best-performing economies in 2024, the Economist highlights the countries in the South Mediterranean placing them in the top five positions. The analysis indicates that Spain, Italy, and Greece, once emblematic of the Eurozone’s struggles, have now become symbols of strong recovery.
In a complex international environment, with interest rates at their highest levels in decades, wars raging in Europe and the Middle East, and elections taking place in numerous countries, the global economy managed to achieve another strong performance in 2024.
The Economist compiled data on five economic and financial indicators—GDP, stock market performance, core inflation, unemployment, and government deficits—for 37 predominantly wealthy countries.
The Mediterranean rally continues for a third consecutive year, with Spain topping this year’s list. Greece and Italy, once emblematic of the eurozone’s struggles, are continuing their strong recovery. Ireland, which has attracted many technology companies, and Denmark, home to Novo Nordisk’s Ozempic, round out the top five.
Meanwhile, Northern European countries disappoint, with sluggish performances from the United Kingdom and Germany. The Baltic duo of Latvia and Estonia is at the bottom, a position they also held in 2022.
Israel emerged as another standout case regarding best-performing economies, according to OECD data, as its strong growth largely reflects a rebound from the sharp contraction in the last quarter of 2023, when its war with Hamas began.
In Spain, the annual GDP growth rate is on track to exceed 3%, driven by a robust labor market and high levels of immigration, which boost economic output.
The Economist’s collected data highlights that while global inflation has declined significantly, service prices remain high in many countries. Britain and Germany experience such pressures due to wage increases, while Australia is faced with the high cost of accommodation.
In contrast, Switzerland and France have managed to keep prices under control with core inflation standing below 2%.
Another economic index that surprisingly remains robust despite the pressures of the global environment is unemployment. An example is Southern Europe which despite still having high rates of unemployment is showing signs of recovery. Indicative of this is the fact that unemployment in Greece, Italy and Spain has fallen to its lowest level in a decade.
Source: tovima.com
Latest News
EasyJet Expands Its Routes from Athens
The airline’s two new routes will be to London Luton and Alicante and they will commence in summer 2025.
Capital Link Forum Highlights Greece’s Economic Resurgence; Honors BoG Gov Stournaras
Capital Link Hellenic Leadership Award recipient, Bank of Greece Gov. Yannis Stournaras, an ex-FinMin, was lauded for his pivotal role during Greece’s economic recovery
Tourist Spending in Greece Up by 14%, Visa Card Analysis Shows
Greece’s capital Athens emerged as the most popular destination, recording a 17% increase in transactions with Visa cards, surpassing even the cosmopolitan island of Mykonos.
Inflation in Greece Unchanged at 2.4% in Nov. 2024
The general consumer price index (CPI) posted a 0.4% decrease in November compared to the previous month
2024 Christmas Holidays: Extended Shop Hours Schedule
The 2024 Christmas Holidays extended shop hours schedule commences on Thursday, December 12 and runs until the end of the year.
ELSTAT: Seasonally Adjusted Unemployment Down in October
The number of employed individuals reached 4,284,694, an increase of 67,723 compared to October 2023 (+1.6%) and 22,002 compared to September 2024 (+0.5%).
Greek PM’s Chief Economic Adviser Resigns
In the post on his Facebook page, Patelis did not disclose the reasons that led him to step down.
“Masdar Invests in the people of Greece and in the vision of TERNA ENERGY”
Four messages from the CEO of Masdar, the Arab renewable energy giant, after its acquisition of 70% of TERNA ENERGY
Lloyd’s List Greek Shipping Awards 2024: Honors for leading companies and personalities in the Greek shipping sector
20 awards presented at the 21st annual Lloyd's List Greek Shipping Awards
Syria’s Bashar al-Assad, His family Granted Asylum by Russia
Reuters also reported that a deal has been struck to ensure the safety of Russian military bases in the war-ravaged country