Economy

Economic reality and outlook The region is home to almost 50 percent of the world’s population and accounts for one-third of the world’s GDP Growth slows in 2024, but remains 1.3 pp above the global average All economies show positive growth rates in 2024, with Macao, Cambodia standing out Asia Pacific, the most dynamic region … Continued

Africa, 14% of the world’s population and only 2% of GDP by 2023 ECONOMIC GROWTH IS EXPECTED TO ACCELERATE SLIGHTLY. HOWEVER, TIGHTENING MONETARY AND FISCAL CONDITIONS, DEBT SUSTAINABILITY, CLIMATE CHANGE AND GEOPOLITICAL INSTABILITY ALL POSE UNCERTAINTIES Africa will grow by 2.8% in 2024*, 1.1 pp less than in the pre-pandemic decade 57.8% of the African … Continued

Global short- and long-term risks (Global Risks Report 2024) In the next two years, 30% of those surveyed foresee a turbulent and stormy global environment, rising to 63% by 2034 4 systemic elements of the global landscape over the next decade Climate change → Trajectories relating to global warming and its impact on Earth systems … Continued

Global radiography of digital competitiveness THE MOST COMPETITIVE ECONOMIES IN THIS AREA ARE CHARACTERIZED BY THE STRENGTH OF DIGITAL TALENT, CULTURE AND INFRASTRUCTURE South-West Asia, Pacific and Africa close the gap with more digitally competitive regions Five European countries in the top 10 most digitally advanced, in part because of their regulation of data protection … Continued

Global attraction of venture capital investment COUNTRIES WITH AN ANGLO-SAXON LEGAL TRADITION, WITH STRONG INVESTOR PROTECTION AND CORPORATE GOVERNANCE, FAVOR DEEPER AND MORE LIQUID CAPITAL MARKETS In 2023, the US extends its leadership as the most attractive country, while the gap between the rest of the countries is narrowing Spain profile Spain’s weaknesses focused on … Continued

Health system resources in OECD countries ACHIEVING THE BEST HEALTH OUTCOMES DOES NOT DEPEND ONLY ON THE SHEER VOLUME OF RESOURCES AVAILABLE. EFFICIENT USE OF EXPENDITURE AND  CONSIDERATION OF HEALTH RISK FACTORS AND BROADER SOCIAL DETERMINANTS OF HEALTH ARE NEEDED In 2022, lower pandemic spending needs and impact of inflation moderate total spending to 9.2% … Continued

Historical levels of migration flows THE INCREASE IN HUMANITARIAN (EXC. UKRAINIAN REFUGEES) AND LABOUR MIGRATION EXPLAINS THE INCREASE IN PERMANENT MIGRATION TO OECD COUNTRIES OF 26% OVER 2021 AND 14% OVER 2019 Record levels of permanent migration to OECD countries in 2022 Of the total in 2022, 21% of migration was for work-related reasons, 36.4% … Continued

The pace of global economic recovery slows down IN ADDITION TO THE LONG-TERM CONSEQUENCES OF THE PANDEMIC, THE RUSSIA-UKRAINE WAR AND GEO-ECONOMIC FRAGMENTATION, THERE ARE CYCLICAL CAUSES: TIGHTENING OF MONETARY POLICY, WITHDRAWAL OF FISCAL AID IN THE CONTEXT OF HIGH DEBT AND EXTREME WEATHER EVENTS SIGNS THAT THE POST-PANDEMIC REBOUND IS FADING … Decline in … Continued

Global snapshot of talent competitiveness THE IMD WORLD TALENT RANKING (WTR) ASSESSES THE STATUS AND DEVELOPMENT OF SKILLS NECESSARY FOR COMPANIES AND THE ECONOMY TO CREATE VALUE IN THE LONG TERM. ANALYZES A SET OF INDICATORS THAT MEASURE THE DEVELOPMENT, RETENTION AND ATTRACTION OF HIGHLY SKILLED NATIONAL AND INTERNATIONAL LABOUR The ranking is led by … Continued

Loss of dynamism in European growth GLOBAL CONTEXT OF HIGH UNCERTAINTY AND TIGHTER FINANCIAL CONDITIONS IN WHICH THE EUROPEAN COMMISSION REVISES DOWNWARD EU AND EUROZONE GROWTH FOR 2023 AND 2024 European growth 2.4 pp below global growth in 2023, with slight acceleration in 2024 After being the European economy that fell the most in 2020, … Continued

Weakness of the German economy THE ECONOMY SUFFERED A TECHNICAL RECESSION DURING THE WINTER MAINLY DUE TO THE IMPACT OF THE ENERGY CRISIS GDP fell by 0.3% quarterly in January-March 2023, although it will regain positive rates in the second half of the year Deterioration of business expectations For 2023 as a whole, a y-o-y … Continued

Trends in global competitiveness 2023 THE MACROECONOMIC AND GEOPOLITICAL TRENDS UNDERLYING THE SO-CALLED “POLYCRISIS” ARE ALREADY RESHAPING THE COMPETITIVENESS LANDSCAPE IN 2023 AT MULTIPLE LEVELS Competitiveness ranking led by three economies that, apart from being small, have strong and efficient institutions North America leads in economic performance, while Eastern Asia and Western Europe outperform in … Continued

Solid growth of the Portuguese economy GDP IS CURRENTLY 4.3% ABOVE ITS PRE-PANDEMIC LEVEL (+2.2% IN THE EUROZONE). THE STRENGTH OF TOURISM AND FUNDS FROM THE EU’S RECOVERY AND RESILIENCE MECHANISM ARE ACTING AS GROWTH DRIVERS After +1.6% quartery in Q1 23 (+2.5% y-o-y), +2.7% y-o-y growth is expected in 2023 Containment of headline inflation … Continued

China faces mild recovery after pandemic AFTER A STRONG 1st QUARTER IN WHICH CHINA RECORDED A STRONG REBOUND AFTER COVID RESTRICTIONS EASED, ECONOMIC RECOVERY ENTERS A SLOWER 2ND STAGE GDP rebounds in 2023 to 5.5% before slowing down by 9 tenths in 2024 2023 marked by the containment of commodity and food prices and a … Continued

Upward revision of GDP evolution in 2023 LOWER ENERGY PRICES, EASING SUPPLY CONSTRAINTS, IMPROVED BUSINESS CONFIDENCE AND A STRONG LABOR MARKET JUSTIFY THE IMPROVEMENT IN GDP FORECASTS, ALTHOUGH GROWTH RATES REMAIN MODERATE Ireland and Malta will lead growth in 2023. Spain, in 7th position, growing by 1.9% y-o-y, 4 tenths of a pp more than … Continued

Moderate GDP recovery in 2024 GRADUAL IMPROVEMENT TOWARDS HIGHER GROWTH MAINLY DUE TO MODERATION OF INFLATION AND CHINA’S ECONOMIC RECOVERY AFTER ITS REOPENING The OECD improves its global growth forecast for 2023/24, although growth is lower than forecast before the outbreak of war in Ukraine Global PMIs rebound in early 2023 Improved consumer confidence Slight … Continued

Global economic freedom continues to deteriorate THE RENUNCIATION OF THE PRINCIPLES OF ECONOMIC FREEDOM IN MANY ECONOMIES CAN UNDERMINE RECOVERY AND SACRIFICE ECONOMIC RESILIENCE AND LONG-TERM PROSPERITY The overall average score for economic freedom fell by 7 tenths in IEF 23 to its lowest level in two decades According to the Heritage Foundation, “low scores … Continued

Labour productivity in the OECD countries THERE ARE LARGE DISPARITIES IN LABOUR PRODUCTIVITY LEVELS BETWEEN COUNTRIES, EVEN WITHIN THE OECD AREA In 2021, average labour productivity in the OECD stood at $60.8/hour Most of the countries with the lowest labour productivity in 2000 have since increased it IN 2020, THE IMPACT OF THE PANDEMIC ON … Continued