Spain’s economy has been singled out as the best performing among 37 countries of the OECD (Organisation for Economic Co-operation and Development), according to the British magazine The Economist.
The prestigious 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.
The study is based on a combined score that collects five macroeconomic and financial indicators: GDP, stock market performance, inflation, unemployment, and fiscal balances of 37 countries, most of them wealthy.
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’.
Spain, The Economist reports, is leading the way this year, a sign of recovery for the PIGS countries, which are now at the top. Following closely behind are Ireland, Greece, Denmark, and Italy.
‘The Mediterranean rally continues for the third year in a row, with Spain at the top of this year’s list,’ the editorial stated, noting that annual GDP growth in Spain is on track to exceed 3%.
‘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 wasted no time in posting his delight at The Economist’s report 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.’
El semanario @TheEconomist nombra a España como la economía que más prosperó en 2024, situándola a la cabeza de las 37 economías más avanzadas del mundo.
— Pedro Sánchez (@sanchezcastejon) December 11, 2024
Gracias a todas y todos los trabajadores, empresas y administraciones públicas que, con su talento y esfuerzo, han hecho esto… https://t.co/nnBtKN0Da9
Sign up for the FREE Weekly Newsletter from Spain in English.
Please support Spain in English with a donation.
Click here to get your business activity or services listed on our DIRECTORY.
Click here for further details on how to ADVERTISE with us.
