The Economist Singles Out Spain For Special Praise
The Economist magazine has chosen Spain as a shining example of how Europe can “keep up” with America’s booming economy
The British newspaper published its ranking this week of the best performing major global economies, evaluating indicators such as real GDP growth, stock market returns, core inflation, unemployment and budget balances.
Pointing out that “reforms a decade ago are bearing fruit with high-tech success” the magazine went on to praise the country´s economic performance with annual GDP growth on track to exceed 3%, driven by a strong labour market and high levels of immigration, which mechanically lift economic output,” says the newspaper.
Meanwhile, the newspaper says that northern European countries such as Britain and Germany are “disappointing” with “underwhelming performances, ” while Spain boasted the best performing economy among the 37 countries of the OECD (Organisation for Economic Co-operation and Development).
The international weekly magazine also highlighted the resurgence of the so-called PIIGS (Portugal, Italy, Ireland, Greece, and Spain), the countries that suffered the most during the economic crisis and have made the most progress in recent years.
It compares the results of the third quarter of this year with those of the last quarter of 2023 or with data from the beginning of the year and concludes that the Mediterranean European countries, long ‘undervalued by their northern neighbours’, are now enjoying their ‘economic resurgence’.
‘In Spain annual GDP growth is on track to exceed 3%, driven by a strong labour market and high levels of immigration, which mechanically lifts economic output. Although the country’s GDP per person has also risen, it has done so by less than overall GDP,’ it stated.
Spanish Prime Minister, Pedro Sánchez, lost no time in posting his delight at The Economist’s article on X (Twitter).
‘The Economist names Spain as the economy that will prosper the most in 2024, placing it at the head of the 37 most advanced economies in the world,’ he wrote. ‘Thank you to all the workers, companies and public administrations who, with their talent and effort, have made this possible. We are a formidable country and we have a great future ahead of us.’
The European Union´s outlook for Spain is equally rosy with a strong expansion expected in 2024, of 3.0% before gradually decelerating in 2025, to 2.3% and to 2.1% 2026.
