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Greece leads the annual ranking as "country of the year" in the global economy

2024-01-04 10:14:37Biznes SHKRUAR NGA REDAKSIA VOX

Greece leads the annual ranking as "country of the year" in the global

Greece topped The Economist's annual ranking of rich world economies in 2023.

The study collects data on five indicators: “core” inflation – which excludes volatile components such as energy and food; GDP; employment and stock market performance for 35 predominantly wealthy global countries.

For the second year in a row, Greece has achieved exceptional results. With a GDP growth rate of 1.2%, Greece stands out among other countries for its sharp growth in real stock market value, which increased by 43.8% from 2022 to 2023.

According to The Economist, investors have reassessed Greek companies due to the government's implementation of a series of pro-market reforms.

Greece expects to receive more than 55 billion euros in EU structural and recovery funds until 2027, which economists estimate will contribute one percentage point to annual growth. Investments are seen to grow by around 15.1% in 2024 more than double compared to last year.

The country has not yet returned to the booming economy of the early 2010s; however, the International Monetary Fund (IMF) has clearly highlighted the improvements.

"Greece's economic outlook has improved significantly with real GDP expanding beyond the pre-pandemic trend level," the IMF said in a statement. "The banking system has remained resilient with the improvement of balance sheets", it says, evaluating the digitization introduced as a result of the pandemic that "significantly protected productivity and working hours during the crisis".

The same study highlighted a less than prosperous situation in the rest of Europe. Hungary is experiencing a core inflation rate of 11% year-on-year. Finland, heavily dependent on Russian energy supplies, is also struggling.

France, Germany and Spain are facing their own problems. Spain, in particular, appears to be experiencing a deepening inflation trend over time.

While only a handful of countries experienced GDP declines, Ireland reported the most significant decline at 4.1% (although this figure may not fully reflect the situation due to measurement issues in Irish GDP).

Both Britain and Germany performed lower than expected. Germany is grappling with the consequences of an energy price shock and increased competition from imported Chinese automobiles. Meanwhile, Britain continues to grapple with the fallout from Brexit, with most economists predicting low economic growth in the coming years.


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