Welcome to the latest news from The Economist! Our recent data analysis showed that the global recession that many people expected in 2023 did not occur, despite interest rates being raised to combat inflation. In fact, global GDP has likely grown by 3%, job markets have held up, and inflation is on the way down. Stockmarkets have also seen a 20% rise! However, this strong performance is not uniform across all economies.
Greece has taken the top spot for the second year in a row, a remarkable feat for an economy that was previously known for mismanagement. On the other hand, some northern European countries like Finland, Britain, Germany, and Sweden have faced challenges and are lagging behind.
Tackling rising prices was a huge challenge in 2023, with central banks in places such as Chile and South Korea taking early action that now appears to be paying off. However, other countries like Australia, France, Germany, and Spain are still struggling to tame inflation.
When it comes to employment and GDP growth, no country fared exceptionally well, but some countries like Ireland, Estonia, Britain, and Germany underperformed. On the other hand, America’s economy did well, benefitting from high energy production and a generous fiscal stimulus. The American stockmarket did not perform as well as expected, but Japanese firms experienced a renaissance thanks to corporate governance reforms.
Despite their struggles, other countries like Canada and Israel have seen improvements in employment and GDP growth, while Greece has been a surprising and unlikely champion, with its stockmarket increasing in value by over 40% due to pro-market reforms.
This is just a taste of the in-depth analysis The Economist has conducted across various economic indicators. To delve into the biggest stories in economics, finance, and markets, sign up for our weekly subscriber-only newsletter, Money Talks, for more expert analysis. We have all the latest updates and insights to keep you informed and ahead of the curve!
You can also listen to our stories and enjoy more audio and podcasts on either iOS or Android. The Economist has you covered, so sit back and stay informed!
For more expert analysis of the biggest stories in economics, finance, and markets, sign up to Money Talks, our weekly subscriber-only newsletter.
Source link
