Which economy did best in 2024?

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Interest rates at their highest in decades, wars in Europe and the Middle East, elections in countries as important as America and India. No matter. 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, The Economist has compiled data on five economic and financial indicators—GDP, stockmarket performance, core inflation, unemployment and government deficits—for 37 mostly rich countries. Then each economy was ranked based on its performance to create a combined score. 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.

As 2025 comes into view, the global economy faces new challenges. Nearly half the world’s population lives in countries that held elections this year, many of which ushered in leaders who might be described as “unpredictable”. Trade is under threat, government debt is swelling and stockmarkets have little room for error. For now, at least, Spain, Greece and Italy—long belittled by their northern neighbours—can celebrate their economic resurgence. They deserve a fiesta.