At the outset of 2023, experts and analysts worldwide were bracing for a looming global recession as central bankers grappled with soaring inflation rates. However, the economic landscape has defied expectations, painting a different picture altogether. Global GDP has not only managed to stay afloat but has demonstrated robust growth at an estimated 3%. Job markets have shown resilience, inflation is on a downward trajectory, and stock markets have witnessed a substantial surge of 20%.

Yet, beneath this seemingly uniform global performance lies a tapestry of diverse economic outcomes. The Economist has meticulously compiled data on five key economic and financial indicators—core inflation, inflation breadth, GDP growth, employment rates, and stock market performance—for 35 predominantly affluent countries. The rankings derived from these measures unveil some unexpected results.

Greece at the Pinnacle: A Remarkable Turnaround

For the second consecutive year, Greece, a nation once synonymous with economic mismanagement, finds itself at the top of the charts. This is a remarkable turnaround for an economy that has weathered significant challenges in the past. Alongside Greece, South Korea emerges as a standout performer, while the United States secures the third spot. Canada and Chile also exhibit commendable economic performance. On the flip side, several Northern European countries, including Britain, Germany, Sweden, and Finland, find themselves among the lower ranks, indicating a challenging economic year.

Navigating the Challenge of Rising Prices

Addressing the challenge of rising prices was a focal point in 2023. Core inflation, excluding volatile components like energy and food, serves as a key indicator of underlying inflationary pressure. Japan and South Korea have effectively managed to control prices, with Switzerland witnessing a mere 1.3% year-on-year rise in core prices. In contrast, Hungary grapples with core inflation running at approximately 11%, presenting a stark contrast.

Inflation breadth, measuring the share of items in the consumer-price basket with an annual price increase exceeding 2%, indicates a positive trend in countries like Chile and South Korea. Aggressive interest rate hikes in 2022 appear to be yielding benefits for these nations.

Economic Growth and Employment: A Mixed Bag

While no country experienced spectacular economic growth in 2023, only a minority witnessed a decline in GDP. Ireland, with a notable 4.1% drop (though subject to measurement challenges), and Germany and Britain, faced economic challenges. In contrast, the United States demonstrated strength in both GDP and employment, benefiting from high energy production and previous fiscal stimuli.

The global economic landscape is undoubtedly diverse, with each country navigating its unique set of circumstances. As we reflect on the surprising economic outcomes of 2023, Greece's unexpected triumph stands out as a beacon of resilience and reform in an ever-evolving global economy. While Finns may find solace in a local tradition known as "päntsdrunk," the rest of the world has reason to raise a glass, acknowledging the unlikeliest of economic champions—Greece. Cheers to the unexpected winners in a year that defied conventional predictions.