Greece Among Top-performing Economies of 2024, Says The Economist

Photo source: Hellenic Parliament Press Office / Copyright: Aliki Eleftheriou

Greece ranks among the top five countries with the strongest economic performance in 2024, according to an analysis by The Economist.

In its recent analysis “Which Economy Did Best in 2024?”, The Economist analyzed global economic trends, drawing insights from data released by the OECD and the IMF. The report highlights how economies worldwide have navigated significant challenges, including high interest rates, geopolitical tensions, and key elections in major countries like the United States and India.

Spain topped the rankings of the OECD’s economies based on performance in the past year.

The analysis of The Economist evaluateed the economic performance of 37 countries using a composite score derived from five key indicators: GDP growth, stock market performance, inflation rates, unemployment levels, and fiscal balances.

According to The Economist, for the first time in years, Mediterranean countries, long overlooked by northern European nations, are now seeing significant economic growth. Greece, alongside Italy, has benefited from this shift, joining Spain in the ranks of top performers. Other countries such as Ireland and Denmark are also seeing strong economic results, fueled in part by their thriving technology and healthcare sectors.

In contrast, The Economist notes that many northern European countries, such as Britain and Germany, have underperformed in 2024. Meanwhile, the Baltic nations of Latvia and Estonia continue to struggle, having also ranked at the bottom in 2022.

Greece’s economic growth in 2024

Source: The Economist

Greece’s performance this year is particularly noteworthy. According to the data, Greece’s GDP grew by 3.7 percent from the 4th quarter of 2023 to the 3rd quarter of 2024. The country also saw a 10.6 percent rise in share prices from November 2023 to November 2024, while core consumer prices increased by 3.5 percent year-over-year.

By comparison, Spain — the top performer globally — experienced a 3.5 percent GDP increase, a 17.1 percent rise in its stock market, and an annual inflation rate of 2.4 percent.

The Economist also highlights the significant improvements in job creation across Southern Europe, noting that unemployment in Greece, Italy, and Spain has fallen to its lowest level in more than a decade.

Global economic performance

Despite significant challenges, the global economy showed resilience in 2024. The IMF projects a global GDP growth rate of 3.2 percent, with inflation easing and solid employment growth. Stock markets have surged by over 20 percent for the second consecutive year. However, The Economist points out that these positive trends have not been universal, with considerable variation between countries.

In particular, the United States played a major role in driving global growth, with its resilient economy and strong consumer spending. However, The Economist also warns that many global risks remain, such as rising government debt, trade disruptions, and unpredictable political leadership in key countries.

Looking ahead: Challenges for 2025

Despite the positive outlook for 2024, the global economy faces new challenges in 2025. Nearly half of the world’s population resides in countries that held elections in 2024, with many new leaders seen as unpredictable. In addition, rising government debt and volatile stock markets pose risks to future stability.