They share some combination of relatively strong growth, moderate inflation or strong stock market returns — compared with other countries. By fascinating coincidence, most of them also defy deep biases about the supposedly dim prospects of certain countries, cultures and systems.
Greece
is getting a boost from a revival in foreign investment — and in tourism, which
Covid had cut from 20 to 15 per cent of its gross domestic product. Less than
10 per cent of bank loans are non-performing, down from 50 per cent during the
crisis. Now growing at more than 4 per cent, with inflation coming down fast,
Greece is enjoying one of the region’s healthiest recoveries.
Portugal
is in a similar place. It is wisely investing support funds from the EU and
reforming one of the continent’s most excessively generous pension systems, while
a special “golden visa” attracts a tide of rich new émigrés. Perhaps not
coincidentally, the best performing stock market in the developed world this
year is Lisbon’s. The Pigs acronym is passé.
Saudi
Arabia is leading a movement among Gulf states to diversify beyond oil.
Reforms, including loosening restrictions on women, workers, tourists and
nightlife, have helped push projected growth to nearly 6 per cent over the next
two years.
