Economic evolution for Spain as it climbs to fourth place in global recovery ranking

SPAIN snatched up the fourth position in an global investigation by The Economist into economic recovery from the pandemic. The data which was released on Saturday, December 24 analysed the economic position of 34 ‘developed’ countries, using five indicators to measure recovery.

Despite 2022 being considered a negative economic year for much of the world, there have been some surprising economic victories in certain countries, and one of them is Spain. Indeed, the leader of the rankings was a shock to many economic commentators. Greece came in top position, thanks to a huge drop of 16 per cent in public debt in relation to GDP.

Portugal was ranked second in the list due to its similarly high reduction of public debt, by nearly 12 per cent. Ireland came third, thanks to a dramatic boost of 11.8 per cent in GDP.

Spain and Israel tied in fourth place, with an economic recovery better than that of the UK, the USA, Japan and Germany. Spain’s success is thought to be due to measures to calm inflation.