Tag: WIR

Over the past few years, Saudi Arabia’s economy has struggled with a slowdown due to budget challenges and oil production cuts. In 2023, its economy contracted to 0.8% following extended oil production cuts among the OPEC+ member states, of which Saudi Arabia is a top member, which continues to weigh on GDP growth, Reuters reports.

Mexico’s economy continues to slump, as two back-to-back quarters of contraction bring the nation closer to a technical recession. With droughts stretching across the region and on-again, off-again tariffs from the United States, the nation is facing an uphill battle to revert course and avoid a recession.

Brazil’s economy has improved significantly in recent years. In 2024, the Gross Domestic Product (GDP) rose by 3.4%, achieving the strongest annual expansion since 2021. The GDP grew by 3.6% in the fourth quarter, coming in just below market expectations. 

After years of high inflation debt and trade deficits, Pakistan’s economy is on the road to recovery. This positive trajectory is fueled by improved macroeconomic management, inflation control measures and enhanced fiscal and external accounts stability of their government.

The Canadian economy showed growth over the fourth quarter, with increased consumer spending, business investments and exports boosting the country’s gross domestic product (GDP) by 2.6% in the final months of 2024. While the growth is a good sign for the Canadian economy, Prime Minister Justin Trudeau’s imminent resignation and the looming threat of tariffs from the United States create uncertainty.

South Africa’s economic outlook has improved since last year and set to continue to do so in 2025. Despite easing core inflation, the economy faces rising debt, political instability and a weakening currency. Nevertheless, better fiscal policies and a focus on domestic growth are expected to sustain economic growth.

Despite the darkening economic outlook, Italy is expecting positive economic news in the coming weeks, according to Italian Economy Minister Giancarlo Giorgetti, as data on public finances will be published in early March.

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Germany’s economy is in a deep crisis, according to the Federation of German Industries (BDI), with the country heading towards three years of declining growth for the first time since the nation’s reunification in the 1990s. In the final quarter of 2024, the German economy shrank by 0.2% according to CNBC, with the GDP expected decrease by 0.1% during the same three-month period.