Which economy did best in 2024?
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The world economy delivered another strong performance in 2024; according to the IMF, global GDP will grow by 3.2%. Inflation has eased and employment growth remains solid. Stockmarkets have risen by more than 20% for a second consecutive year.
Yet, as ever, the rosy global picture conceals wide variation between countries. To assess these differences, we have compiled data on five economic and financial indicators—GDP, stockmarket performance, core inflation, unemployment and government deficits—for 37 mostly rich countries. We then ranked each economy based on its performance to create a combined score.
The table shows these rankings. Who are the winners? The Mediterranean’s rally rolls on for the third consecutive year, with Spain at the top of this year’s list. Greece and Italy, once emblematic of the euro zone’s woes, continue their recoveries.
Ireland, which has attracted tech firms, and Denmark, home to Novo Nordisk of Ozempic fame, round out the top five. Meanwhile, northern European heavyweights disappoint, with poor performances from Britain and Germany. The Baltic duo of Latvia and Estonia find themselves back at the bottom, a position they also occupied in 2022.
Our first indicator is real GDP growth, widely regarded as the most reliable measure of an economy’s overall health. This year global GDP was buoyed by the resilient American economy and its free-spending consumers. Israel emerged as another standout performer, according to OECD data, though its strong growth largely reflects a rebound from a sharp contraction in the
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