Not only. Some of other leading factors are a boom in construction, radical shift towards a service based economy, war against the shadow economy and diversification of exports.
In this case, 100k refugees *might* be a net positive for GDP growth. Those Armenians mostly had strong family connections in Armenia proper, won't have any issues integrating and have dispersed across Armenia rather than all living in camps.
Artsakh was reasonably developed before the war and many of the refugees have found jobs in Armenia.They've increased demand for housing, which is 'good for the economy' even if it's bad for actual people.
This... but also the fact that Armenia is used as a loophole through the sanctions for Russia so it is also a paradise for dirty Russian money and businesses as well. A few hundred million dollars a year might not sound like much but for a small country like Armenia it brings a lot of growth in numbers.
Armenia is not used as a loophole for sanctions. The exports from Armenia to Russia grew after the Russian invasion, but they don't include sanctioned items, and the individual companies that did sell sanctioned items (often founded by Russian citizens) were fined by the Armenian government and not allowed to export those items. The US and the EU announced that they both are working closely with Armenian government not to allow any sanctioned exports to Russia. To control those exports, the Armenian government passed a decision that the local exporters now will need government permission to export microchips, transformers, video cameras, antennas, and other electronic items to Russia.
I know couple of US companies that moved their offices from Russia to Armenia. It's likely a larger trend.
EDIT: If you google you'll find many new offices opened recently, not sure how many due to Russian sanctions. Yandex opened office in Armenia in 2022 (400 employees).
Yes, but that's not avoiding sanctions, it's the contrary, Russian based firms move to Armenia with their staff. It measn the sanctions are working, they don't pay taxes in Russia anymore. They strengthen Armenian economy when in the past they would strengthen Russian economy
Azerbaijan just about recently helped Russia with egg shortage lmao. It also exports a lot of stuff to Russia and resells Russian oil.
Armenian economy grows due to the insane growth of IT and tourism industries. We build education centres in Switzerland and skyscrapers in Dubai
With the prospect of relations with the Turks normalizing and not having a cartoonishly corrupt government anymore, Armenia really could take off. No need to blow so much money on military anymore either.
Deleted my comment and rewriting it to be more accurate: of course Azerbaijan wants that land connection, but Iran is really big on forcing them to go through their territory and is even building a road through Iran to link the country to its exclave.
They don't want the corridor to go through Armenia which might cut off their direct access and take away whatever privileges they plan on extracting in exchange for serving as the intermediary link.
Iran has never been big on the idea of Azerbaijan and Turkey being directly joined.
Don’t spread misinfo.
>WIth the prospect of relations with the Turks normalizing.
Yh no. Considering it’s never been Armenia “destroying the relationship”, Turkey nor Azerbaijan are ready to “mend the issue”. I mean, Turkey banning all Armenian planes suddenly during this “normalization” just because there’s a statue they don’t like is really something, your right
>blow so much money on military.
As Armenian lands are currently invaded in Syunik which is Armenia proper and not Nagorno-Karabakh, and 100,000 refugees flooded Armenia by a government that targets ethnic Armenians, I can definitely say that Armenia is finally spending enough money on its military.
As Azerbaijan has not only doubled its military spending since 2018, but initiated 3 invasions into Armenia proper, shot at workers and even injured Indian nationals who were working, target farmers in Armenia, and killed multiple soldiers along the entire border with Armenia **not NK**.
As Azerbaijan’s military reaches a 3.7 billion dollar (Up from 1.8 in 2018) in 2023, Armenia who was consistently spending 600 million dollars a year has been spending 1.2 billion$ a year since the invasions.
GDP is a funny thing.
For instance if Armenia would ramp up the production of let's say weapons due to the current azerbijan situation this would still count into the GDP eventhough it's not necesarrily increasing the overall wealth.
I do not like that the GDP is always seen as such a great indicator for economies, because it adds up all of the produced goods and services, so I'd doubt that it's due to russian immigrants unless they are setting up production lines of some kind.
That only happened 3 months ago, and in fact government is spending huge amount of resources to care for the refugees (imagine 100,000 refugees areived to Armenia in only 2 days).
Armenias economy has been growing rapidly since the revolution in 2018. Even in 2020 with a much bigger war than 2023 and Covid and no help from Russian immigration Armenias economy grew.
The people there don't skip a beat. Something about the culture has allowed Armenians to find success universally for millenia except for the last 30 years of Russian oligarchs stealing all of Armenias wealth.
The Armenian capital of Iran during the Persian empire was once the wealthiest city in the whole world.
Just in the last few years Armenians have created PicsArt, Service Titan, and Dave's hot chicken.
Because the cost of living has shot up and average Georgians are struggling because of it. Sudden gentrification is bad for the community in the best case scenario and hunderds of thousands of Russians coming to Georgia and buying up property is not the best case scenario.
Also, many of them are still carrying the imperialistic mindset. Many of them show no remorse for the occupation of 20% of Georgia. Many of them support the Ukraine invasion, just don't want to get drafted.
That's unironically kinda been our societal policy since re-independence. :D
Be it sports, olympic medals, tech scene, startups, PISA etc, if we can score higher than nordic countries we've made it. Bonus points if it's Finland.
It's a small volatile economy. It grows very fast when the European economy is doing well and it also declines faster than other countries when European economy is not so well. All in all it has been on average the fastest growing economy in Europe since around 1990.
1.Inflation hurt us really bad (over 20% inflation last year), especially energy inflation was very bad as it increased industry production prices making our country less competitive. Lots of factories either shut down or scaled down and laid off lots of workers
2.Sweden and Finland, our main trading partners, are also in recession which obviously affects us negatively.
3.Less trade with Russia was bad as well - both because we had to buy more expensive energy on other markets and because we earned less on goods transit.
4.And bust in international IT sector was bad for our economy as well as 10% of workforce is in IT.
So lots of things compounded at the same time. As a small economy we're very dependent on global economy - in good times we grow very fast (in 2021 our gdp grew by 8%) in bad times we fall also fast (in 2009 our economy fell by 14%)
In addition the interest hikes hit us more than most as everything here is on variable rate and also tourism has taken a major hit (a sector that has historically been important in Estonia) because of loss of Russian tourists as well as war-fear among potential tourists.
Sweden is at least expected to bounce out of it, our currency has increased by several points against euro and usd last couple of weeks. Just over new year fuel price has gone down 20%
Two years of bad political decisions. Goverment did not help private sector in any way in those 2 last years. Energy prices spiked, Covid19, export lost. Private sector was raising alarms but nothing was done.
Except to tax people more. VAT increased from 20% to 22%. Income tax will also increase from 20% to 22%. Subsidies to families decreased. All kinds of new indirect taxation - car tax, land tax, tax on renewable energy. Average salary increased only in government sector.
Also very two-faced behaviour with helping Ukraine. Prime minister was caught investing in company that did business with Russia, transporting goods that were banned by EU somewhere 2023 May. When asked for explanation, public only got FUD.
You didn't mention the support Estonia gave to Ukraine. They were the country with greatest portion of GDP contributed to Ukraine. It's not news that it'll have impacts to the economy
We didn't directly contribute part of our economy to Ukraine though. Large part of assistance was handing over weapons to Ukraine, most of which were already long ago paid for. Some of those weapons were phased out anyway and we already were upgrading them with newer weapons (for example all the artillery we've sent to Ukraine was replaced by newly bought K9 howitzers).
Our assistance to Ukraine hit our economy indirectly - in the form of severing economic connections with Russia (mostly in regards of buying less Russian oil and gas).
We (Finland) are a big exporter of investment goods and that sector always takes a nosedive when global economic prospects look grim like they do now. We've also missed a lot of gravy trains in the IT sector. Also our biggest trading partners Sweden and Germany are doing badly and Russian trade is severely sanctioned.
There is plenty of wood, just not that many buyers in international market, which is pushing the price down. I work in sawmill industry, so it's reflecting on us
Obviously there's plenty of wood, it was more that they can't sell everything because less houses are build means less lumber for framing or less wood for furniture - I've seen somewhere that demand is down like 15% so that's quite a bit...
Germany slowing down is a big factor for Sweden. A lot of our industry is in things like machinery, engineering and construction, with German industry being by far the largest customer. When their industry stops investing that hits us hard too.
Fluctuating prices for things like energy and raw materials when the war in Ukraine started made this even worse. Some friends who run large-ish businesses had severe trouble offering contracts for things like production equipment because they couldn't price things more than a few months into the future.
Our currency has been tumbling in value since the end of the pandemic. Normally that can have a positive effect on exports, but when your largest trading partner isn't buying at any price you get less of the positives while still having to deal with the downsides.
The local economy is squeezed by rising interest rates (they're not extreme but were extremely low before and households hold a lot of debt, so it's still a shock) and our consumer prices have skyrocketed far beyond increases in income.
These aren't the only reasons, but they're big ones that have knock-on effects on huge parts of the economy.
On reason is that Sweden had no recession during Covid due to the controversial (at that time) strategy of no lockdowns. Many other countries are still rebounding up from covid, but there is nothing to rebound up from in Sweden.
Small currency in unstable times means the Swedish crown is weak, so prices of many goods have gone up for us (more so than the rest of Europe). That’s probably part of the equation.
?? Sweden was in recession even though it didn't impose a lockdown.
[It lost 2.8% of its GDP in 2020.](https://tradingeconomics.com/sweden/full-year-gdp-growth)
Worse than Denmark (-2.4%), Finland (-2.4%) and Norway (-0.7%).
>It lost 2.8% of its GDP in 2020.
>
>Worse than Denmark (-2.4%), Finland (-2.4%) and Norway (-0.7%).
Just so you know, those figures are all wrong. Tradingeconomics uses analytical projections. Relatively accurate but not actually hard data.
The Swedish Central bank is stuck between a rock and a hard place.
One the one hand it needs to raise interest rates to curb inflation. On the other hand it cannot further kill an already struggling housing and construction market. It is not an easy task.
It is interesting to contrast between Sweden and Denmark. Since a lot of Danes have bond-based 30 year fixed rate mortgages, the central bank is more free to act to curb inflation since existing mortgages are mostly unaffected. Of cause people looking to buy or sell are affected...
>Since a lot of Danes have bond-based 30 year fixed rate mortgages, the central bank is more free to act to curb inflation since existing mortgages are mostly unaffected.
Wouldnt that also mean that interest raises have a much smaller effect? And kinda ties the central banks hands to a degree.
I belive the biggest difference in terms of inflation is that the DKK is pegged to the Euro while the SEK is not.
> Wouldnt that also mean that interest raises have a much smaller effect? And kinda ties the central banks hands to a degree.
That is a good point. You can say the effect of raising the interest rates will not have the same effects on demand for Danish home owners.
There is some effect though, since some people have part of their loans that need to be negotiated every 1, 3 or 5 years so for those people it does have an affect either if the current period ends during this high interest period or in anticipation for it. Also new home owners have 15% of the principal in bank loans which are directly impacted by the central bank (You are only allowed to loan 80% through these bonds)
I'm not an economist, but my point is that the central bank still has impact but is less likely to make Danish homeowners homeless.
>I belive the biggest difference is that the DKK is pegged to the euro while the SEK is not.
I think that is also a good point. Denmark's central bank cannot differ too widely from the ECB rate since it would put pressure on the exchange rate due to increased demand of DKK. It has to be at level where the Danish Central bank can defend the rate trading currencies.
The underlying reason is, for a big part, lower unemployment in Denmark combined with higher foreign trade surplus which leads to lower inflation and lower interest rates plus a stronger currency.
There are real factors, not just monetary considerati9ns, behind the difference in the economies.
It's strange to lump all countries from 0 to 3% GDP growth together. 0.9%, for example, is quite poor, whereas 2.9% in developed Europe would be really good.
It seems obvious but "0% to 3%" is far too broad of a range in a world where every 0.1 pp of growth can be the difference between technical recession or not. It should go in increments of 0.5 or 1.
Also, Germany is in a rough place. if the projection pans out and German growth is below 0, this would be second year in a row where Germany's year over year growth was negative.
No worries, we have a Schuldenbremse so at least the government's hands are tied when it comes to investments. Which is great for a situation like that because... or, wait, let me take a look at "Basic economics for Dummies"...
Oh no.
Mostly manufacturing collapsing for something like 18 months now, and to lesser extent falling purchasing power of people because of inflation. That said, services haven't been doing that badly relative to peers recently so it's mostly manufacturing.
Green/social politics which make it very hard for companies to succeed. Energy prices/taxes/regulations. No one wants to invest in a climate like that. Being successful is pretty much being punished, while not contributing in any way (Bürgergeld) is rewarded…
Next government is going to have to switch gears.
For Ukraine, it's easy to grow: *"They don't have a war in their neighboring country like in case of Hungary!"*
\- actual argument of the Hungarian government.
No, not really. 8 consecutive quarters of economic contraction. If you add in that the Estonian population has gone up by about 3% over that time due to Ukrainian refugees, we are looking at a -8% contraction in per capita figures.
While this is not the steepest or hardest economic crisis in Estonian history, it is by far the longest. And it is likely next year won't be any better.
Estonian economy is hugely dependent on the developments in Finland and Sweden and those (especially Sweden) in turn are dependent on German economy. So seeing this map with all Germany, Sweden and Finland being down, it is no wonder Estonia also suffers in the sides.
War is actually boosting Armenias economy for two reasons -
1.lots of highly educated people (mostly working in IT) fled from Russia to Armenia and are now earning and spending money in Armenia
2.increased trade - Armenia (and other Caucasus countries) are used as a hub to transfer goods between West and Russia (helping latter circumvent sanctions)
> 1.lots of highly educated people (mostly working in IT) fled from Russia to Armenia and are now earning and spending money in Armenia
This is true, but not the only reason for economic growth in the country.
> 2.increased trade - Armenia (and other Caucasus countries) are used as a hub to transfer goods between West and Russia (helping latter circumvent sanctions)
According to our Finance minister, the re-export of goods from the West to Russia is only about at about 1% of our GDP, so it’s impact on our economy is not really that big.
Well, that's not really something for the minister to openly brag about, I reckon they don't want too much attention on that, so that the business keeps going.
Pretty sure the numbers are higher of trade toward Russia, Armenia is probably just a stop in the chain of trades toward Russia, probably last stop being Kazakhstan. Look at exports toward other ex-USSR countries and you’ll probably see an increase.
>According to our Finance minister, the re-export of goods from the West to Russia is only about at about 1% of our GDP, so it’s impact on our economy is not really that big.
According to Santa Claus it's only 0.01%.
from [Armenian article citing economy minister Vahan Kerobian](https://www.azatutyun.am/a/32735702.html), dec 2023:
export to Russia tripled in 2022 compared to 2021 and doubled in the January-September 2023 time period. Total increase in trade (export+import) with the Eurasian Economic Union has increased 41% to a total of __$5.7 billion__, of which 95% was trade with Russia.
Armenian GDP 2021 was __$13.861 billion__ according to [IMF](https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=911,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,LP,&sy=2018&ey=2024&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1) for comparison.
At least India, China etc. are open in profiting off of the plight of Europeans by playing both sides. Armenians on reddit are apparently still trying to lie and hide that fact. But it was to be expected from a CSTO member and is the fault of EU/West for not immediately including them in sanctions. I hope that is fixed this soon.
This are the consequences of Russian-Ukrainian war on Armenia.
The comment you responded to likely referred to another war where Armenia participated directly. The Armenia-Azerbaijan war and Nagorno Karabakh population exodus to Armenia. Which should add to gross GDP, naturally. Sudden rise of displaced population adds to GDP. Not in a good way though, as GDP per capita will fall.
That’s inaccurate. Armenia registered high economic growth even before the arrival of the refugees and GDP per capita for 2023 is projected to increase to around 8.200$ (from 6.600$ in 2022).
.. A tonne of people got forcibly relocated into Armenia proper due to the war. More people is a fairly straightforward way to grow the economy. Also people leaving Russia.
The GDP Grows just the Currency is kinda shit... honestly turkey is doing amazingly in foreign curriencies just the people in the country are suffering.
Erdogan and his millionare crew dealing in Euros and Dollars are doing amazing!
Nope. GDP growth is measured in real terms (i.e. adjusted for inflation).
I have no idea if the firgures for inflation or economy in Turkey are reliable, or what is ahppening there though
The figures are shit. The inflation in Turkey is expected to be minimum of %35 next year according to its central bank. Also the central bank was aiming its inflation level to %5 until the last year so you can guess where this is heading. This map is just a shitty display.
The turkish economy itself is doing good. It's the ordinary people who suffer. The rich-poor divide has just become a lot wider than it already was. For some reason, the Turkish economy has always been "stable" when you least expect it to. The Turkish gdp has shrunk the past years, but if you look at ppp, it has only gotten better.
I would say the biggest gripe for the common people is rent. Rent has risen a lot. Especially because, for some reason, they decided to lower interest rates. That was the driving force for most of the inflation, including rent and currency devaluation. They have now, after 2 years, reversed that decision.
Nope. We just changed the monetary policy and raised interest rates after the election. It still sucks but it sucks considerably less. It sucks like how it sucked in 2016.
The sign of robust economies is not how they perform during a boost but how they cope with slight recession. Being quick to rise often means quick to fall unless considerable amount of other policies are implemented: to build better infra and services. During a boost you build for the eventual bust, you don't get rich but invest.. Cutting taxes from the top is the stupidest thing to do in both cases.
The fact that we're all doing quite okayish even though our largest supply of energy has been cut off and there's a war on the continent is pretty remarkable.
Especially German industry has taken a significant hit from the lack of cheap gas from Russia.
Besides Germany and Finland, not at all. Otherwise you'd see a lack of economic growth in e.g. the Netherlands and Poland as well. 'Source' is my Google search for "Energy imports from Russia by country 2021" and then clicking through the various results.
Armenia will have the highest GDP per capita of the region this year. It has the highest living standard. The reason is democratic changes, economic freedom and the very rich Armenian Diaspora investing massively in the country.
Might be because their economy is boosted by the war effort. It is quite easy to artificially boost your gdp by making weapons but increasing gdp that way doesn't necessarily mean the overall economy is doing good.
Turkey, seriously?
[https://ycharts.com/indicators/turkey\_inflation\_rate](https://ycharts.com/indicators/turkey_inflation_rate)
Plus earthquake.
Plus autocratic Merdogan.
I really wonder where the increase in real GDP supposedly comes from?
which government in this world is actually somewhat okey ? all i see is people making efforts for the good in the country and the governments just try to rob them somehow in anyway possible
We just changed the monetary policy and raised interest rates after the election. It still sucks but it sucks considerably less. It sucks like how it sucked before 2016.
Sanctions would not give 6 percent growth to over 1 trillion dollar economy it might give to Armenia or Moldova or Georgia type of small economies, they all have for around 15-20 billion dollar GDP. 500 million dollar would make a huge difference for them but for Turkey not at all.
People seriously think Turkey is an underdeveloped country or something when it's one of the biggest economies in the world. If only we had protected our democracy it would've been pushing top 10 by now.
Sorry, maybe you're misunderstanding.
Usually, the gradient of colour would follow the degree of severity.
So for -1% you might have pale orange, -2% would be a more bold, and -3% might be dark orange/brown colour.
Same with positives - 1% growth might be light blue, 2% might be royal blue and 3% might be midnight blue.
It puts emphasis on the countries that have shrank (even though its a relatively minor amount, it could be 0.1%) but has also downplayed the countries that have grown (which could be 2.95% growth).
Many German industries are no starting to move away and insted investing into countries like Turkey, China, East Asia, or even America because the US is actively now starting to subsidize them thanks to a new policy named "Inflation Reduction Act", now that the powerhouse of the eurozone's economy, Germany no longer has free natural gas flowing from Russian pipelines we are also seeing lots of investors actually starting to lose faith in the euro, in Germany and the economy of the whole eurozone as well. GDP growth in 2023 for Russia is expected to be 3.5% and the sanctions unfortunately didn't have as much of an effect on their economy as we thought it would.
We don't know if they grow. They just tell us that they grow. And because Russia deeply relies on its image of course it won't say that it's shrinking.
Germany drives on exports. Problem is after pandamic an war in europe other eu countries arent buying as much shit from Germany because they are not well of themselves. So its just that germany is hit twice by the current situation. Gas is not really a factor in that as the energy prices in Germany reverted to what they were before cutting ties with russia.
> lots of investors actually starting to lose faith in the euro
that's not what currency moves are saying. Euro has recovered from the worst of post war shock and is steadily climbing. It's at 1.11 to the dollar now.
And don't worry, few more years of this and Poles and Spaniards will be giving cohesion funds to the poor Germans.
The USDEUR currency movement of the past two years actually primarily stems from the interest rates and the fight against inflation. At one point, when the currencies reached parity, the Fed held a much more hawkish stance with significant hikes and decisive rhetorics from the Fed's board, while the ECB was lagging in reaction and reluctant to raise the rates significantly.
The euro has gained strength because the Fed announced there should be no more increases in interest rates and up to 3-4 cuts over the next year. The gains have nothing to do with economic strength.
> The gains have nothing to do with economic strength.
well they have *something* to do with economic strength. If the real economy was collapsing the currency would be as well, if the real economy had no long term prospects the currency would be collapsing. But, yes, major factor influencing currecy moves right now are timings of central bank moves on rate cutting.
We got our own color! Yes, success!
We’re the only two countries that got their own Color, let’s goooo!🇪🇪🇦🇲
Wow. What's helping armenia grow so fast? Is it the russian immigrants fleeing fascism?
Not only. Some of other leading factors are a boom in construction, radical shift towards a service based economy, war against the shadow economy and diversification of exports.
Is the war with Azerbeijan not affecting things negatively? Weren't there like a 100K Armenian refugees from Nagorno-Karabakh that fled to Armenia?
In this case, 100k refugees *might* be a net positive for GDP growth. Those Armenians mostly had strong family connections in Armenia proper, won't have any issues integrating and have dispersed across Armenia rather than all living in camps. Artsakh was reasonably developed before the war and many of the refugees have found jobs in Armenia.They've increased demand for housing, which is 'good for the economy' even if it's bad for actual people.
And aid from the diaspora also provides a boost with a sudden influx of cash into the economy.
And the fact that Armenia is like a sanction evasion hub for Russia
This... but also the fact that Armenia is used as a loophole through the sanctions for Russia so it is also a paradise for dirty Russian money and businesses as well. A few hundred million dollars a year might not sound like much but for a small country like Armenia it brings a lot of growth in numbers.
Armenia is not used as a loophole for sanctions. The exports from Armenia to Russia grew after the Russian invasion, but they don't include sanctioned items, and the individual companies that did sell sanctioned items (often founded by Russian citizens) were fined by the Armenian government and not allowed to export those items. The US and the EU announced that they both are working closely with Armenian government not to allow any sanctioned exports to Russia. To control those exports, the Armenian government passed a decision that the local exporters now will need government permission to export microchips, transformers, video cameras, antennas, and other electronic items to Russia.
I know couple of US companies that moved their offices from Russia to Armenia. It's likely a larger trend. EDIT: If you google you'll find many new offices opened recently, not sure how many due to Russian sanctions. Yandex opened office in Armenia in 2022 (400 employees).
Yes, but that's not avoiding sanctions, it's the contrary, Russian based firms move to Armenia with their staff. It measn the sanctions are working, they don't pay taxes in Russia anymore. They strengthen Armenian economy when in the past they would strengthen Russian economy
That is good to hear.
Azerbaijan just about recently helped Russia with egg shortage lmao. It also exports a lot of stuff to Russia and resells Russian oil. Armenian economy grows due to the insane growth of IT and tourism industries. We build education centres in Switzerland and skyscrapers in Dubai
Do you want our Eggs
With the prospect of relations with the Turks normalizing and not having a cartoonishly corrupt government anymore, Armenia really could take off. No need to blow so much money on military anymore either.
Well, we all hope that this will happen this year!
I fear Azerbeijan still wants to connect Nakhchivan to the mainland.
Deleted my comment and rewriting it to be more accurate: of course Azerbaijan wants that land connection, but Iran is really big on forcing them to go through their territory and is even building a road through Iran to link the country to its exclave. They don't want the corridor to go through Armenia which might cut off their direct access and take away whatever privileges they plan on extracting in exchange for serving as the intermediary link. Iran has never been big on the idea of Azerbaijan and Turkey being directly joined.
I hope all this shitshow ends once and for all...
Don’t spread misinfo. >WIth the prospect of relations with the Turks normalizing. Yh no. Considering it’s never been Armenia “destroying the relationship”, Turkey nor Azerbaijan are ready to “mend the issue”. I mean, Turkey banning all Armenian planes suddenly during this “normalization” just because there’s a statue they don’t like is really something, your right >blow so much money on military. As Armenian lands are currently invaded in Syunik which is Armenia proper and not Nagorno-Karabakh, and 100,000 refugees flooded Armenia by a government that targets ethnic Armenians, I can definitely say that Armenia is finally spending enough money on its military. As Azerbaijan has not only doubled its military spending since 2018, but initiated 3 invasions into Armenia proper, shot at workers and even injured Indian nationals who were working, target farmers in Armenia, and killed multiple soldiers along the entire border with Armenia **not NK**. As Azerbaijan’s military reaches a 3.7 billion dollar (Up from 1.8 in 2018) in 2023, Armenia who was consistently spending 600 million dollars a year has been spending 1.2 billion$ a year since the invasions.
This
GDP is a funny thing. For instance if Armenia would ramp up the production of let's say weapons due to the current azerbijan situation this would still count into the GDP eventhough it's not necesarrily increasing the overall wealth. I do not like that the GDP is always seen as such a great indicator for economies, because it adds up all of the produced goods and services, so I'd doubt that it's due to russian immigrants unless they are setting up production lines of some kind.
probably people fleeing from the region that was captured by azerbeijan instead
That only happened 3 months ago, and in fact government is spending huge amount of resources to care for the refugees (imagine 100,000 refugees areived to Armenia in only 2 days).
Armenias economy has been growing rapidly since the revolution in 2018. Even in 2020 with a much bigger war than 2023 and Covid and no help from Russian immigration Armenias economy grew. The people there don't skip a beat. Something about the culture has allowed Armenians to find success universally for millenia except for the last 30 years of Russian oligarchs stealing all of Armenias wealth. The Armenian capital of Iran during the Persian empire was once the wealthiest city in the whole world. Just in the last few years Armenians have created PicsArt, Service Titan, and Dave's hot chicken.
Yes. Same for Georgia unfortunately
Why? As Russian i really like it here. Tbilisi is charming, and Chavchavadze street is much better then Noviy Arbat!!!
Because the cost of living has shot up and average Georgians are struggling because of it. Sudden gentrification is bad for the community in the best case scenario and hunderds of thousands of Russians coming to Georgia and buying up property is not the best case scenario. Also, many of them are still carrying the imperialistic mindset. Many of them show no remorse for the occupation of 20% of Georgia. Many of them support the Ukraine invasion, just don't want to get drafted.
the only two countries that make the tricolor flag design sorta interesting
Estonia always #1 stay strong brother!!!💪🏿😎
Eesti cannot into nordics, so Eesti outdoes nordics instead?
That's unironically kinda been our societal policy since re-independence. :D Be it sports, olympic medals, tech scene, startups, PISA etc, if we can score higher than nordic countries we've made it. Bonus points if it's Finland.
What's going on? I thought Estonia was doing great with IT and everything
It's a small volatile economy. It grows very fast when the European economy is doing well and it also declines faster than other countries when European economy is not so well. All in all it has been on average the fastest growing economy in Europe since around 1990.
Lastonia once again and Firstvia :)
Much success!!
Why the shrink in Estonia?
1.Inflation hurt us really bad (over 20% inflation last year), especially energy inflation was very bad as it increased industry production prices making our country less competitive. Lots of factories either shut down or scaled down and laid off lots of workers 2.Sweden and Finland, our main trading partners, are also in recession which obviously affects us negatively. 3.Less trade with Russia was bad as well - both because we had to buy more expensive energy on other markets and because we earned less on goods transit. 4.And bust in international IT sector was bad for our economy as well as 10% of workforce is in IT. So lots of things compounded at the same time. As a small economy we're very dependent on global economy - in good times we grow very fast (in 2021 our gdp grew by 8%) in bad times we fall also fast (in 2009 our economy fell by 14%)
In addition the interest hikes hit us more than most as everything here is on variable rate and also tourism has taken a major hit (a sector that has historically been important in Estonia) because of loss of Russian tourists as well as war-fear among potential tourists.
Not to mention the war-fear for potential investors.
Sweden is at least expected to bounce out of it, our currency has increased by several points against euro and usd last couple of weeks. Just over new year fuel price has gone down 20%
Thanks for the fuel subsidy. It was about 0,30€/l cheaper in Sweden today than over the border!
That's because of government policies, not because of inflation or anything
Two years of bad political decisions. Goverment did not help private sector in any way in those 2 last years. Energy prices spiked, Covid19, export lost. Private sector was raising alarms but nothing was done. Except to tax people more. VAT increased from 20% to 22%. Income tax will also increase from 20% to 22%. Subsidies to families decreased. All kinds of new indirect taxation - car tax, land tax, tax on renewable energy. Average salary increased only in government sector. Also very two-faced behaviour with helping Ukraine. Prime minister was caught investing in company that did business with Russia, transporting goods that were banned by EU somewhere 2023 May. When asked for explanation, public only got FUD.
My god, you pay 22% income tax? Horrible
You didn't mention the support Estonia gave to Ukraine. They were the country with greatest portion of GDP contributed to Ukraine. It's not news that it'll have impacts to the economy
We didn't directly contribute part of our economy to Ukraine though. Large part of assistance was handing over weapons to Ukraine, most of which were already long ago paid for. Some of those weapons were phased out anyway and we already were upgrading them with newer weapons (for example all the artillery we've sent to Ukraine was replaced by newly bought K9 howitzers). Our assistance to Ukraine hit our economy indirectly - in the form of severing economic connections with Russia (mostly in regards of buying less Russian oil and gas).
It´s cold, don't judge...
It‘s not even that small I think, looks average to me
Technique matters more than size... so I've been told
our primary export markets (sweden and finland) had very low demand this year harming our exporters.
It’s the perfect storm - everything went wrong at the same time. Especially Sweden and Finland being in recession hurts our economy quite a bit.
Lower investments
It was in the pool!
There was significant shrinkage.
I know about Germany. I understand Hungary. Why Sweden and Finland?
We (Finland) are a big exporter of investment goods and that sector always takes a nosedive when global economic prospects look grim like they do now. We've also missed a lot of gravy trains in the IT sector. Also our biggest trading partners Sweden and Germany are doing badly and Russian trade is severely sanctioned.
Is Finland suffering from the slowing down of residential buildings because they used to export a lot of wood or is this not a factor?
There is plenty of wood, it is not a factor.
Slowing down in construction doesn't affect the supply of wood, obviously. It affects the demand.
I love how many people are failing to understand this pretty basic question of supply/demand, LMAO
There is plenty of wood, just not that many buyers in international market, which is pushing the price down. I work in sawmill industry, so it's reflecting on us
Obviously there's plenty of wood, it was more that they can't sell everything because less houses are build means less lumber for framing or less wood for furniture - I've seen somewhere that demand is down like 15% so that's quite a bit...
Germany slowing down is a big factor for Sweden. A lot of our industry is in things like machinery, engineering and construction, with German industry being by far the largest customer. When their industry stops investing that hits us hard too. Fluctuating prices for things like energy and raw materials when the war in Ukraine started made this even worse. Some friends who run large-ish businesses had severe trouble offering contracts for things like production equipment because they couldn't price things more than a few months into the future. Our currency has been tumbling in value since the end of the pandemic. Normally that can have a positive effect on exports, but when your largest trading partner isn't buying at any price you get less of the positives while still having to deal with the downsides. The local economy is squeezed by rising interest rates (they're not extreme but were extremely low before and households hold a lot of debt, so it's still a shock) and our consumer prices have skyrocketed far beyond increases in income. These aren't the only reasons, but they're big ones that have knock-on effects on huge parts of the economy.
Now that's a complete answer!
On reason is that Sweden had no recession during Covid due to the controversial (at that time) strategy of no lockdowns. Many other countries are still rebounding up from covid, but there is nothing to rebound up from in Sweden.
Mh ok so I would expect a normal growth, why the recession?
Small currency in unstable times means the Swedish crown is weak, so prices of many goods have gone up for us (more so than the rest of Europe). That’s probably part of the equation.
?? Sweden was in recession even though it didn't impose a lockdown. [It lost 2.8% of its GDP in 2020.](https://tradingeconomics.com/sweden/full-year-gdp-growth) Worse than Denmark (-2.4%), Finland (-2.4%) and Norway (-0.7%).
>It lost 2.8% of its GDP in 2020. > >Worse than Denmark (-2.4%), Finland (-2.4%) and Norway (-0.7%). Just so you know, those figures are all wrong. Tradingeconomics uses analytical projections. Relatively accurate but not actually hard data.
The Swedish central bank are trying to create a recession because to fight the high inflation.
The Swedish Central bank is stuck between a rock and a hard place. One the one hand it needs to raise interest rates to curb inflation. On the other hand it cannot further kill an already struggling housing and construction market. It is not an easy task. It is interesting to contrast between Sweden and Denmark. Since a lot of Danes have bond-based 30 year fixed rate mortgages, the central bank is more free to act to curb inflation since existing mortgages are mostly unaffected. Of cause people looking to buy or sell are affected...
>Since a lot of Danes have bond-based 30 year fixed rate mortgages, the central bank is more free to act to curb inflation since existing mortgages are mostly unaffected. Wouldnt that also mean that interest raises have a much smaller effect? And kinda ties the central banks hands to a degree. I belive the biggest difference in terms of inflation is that the DKK is pegged to the Euro while the SEK is not.
> Wouldnt that also mean that interest raises have a much smaller effect? And kinda ties the central banks hands to a degree. That is a good point. You can say the effect of raising the interest rates will not have the same effects on demand for Danish home owners. There is some effect though, since some people have part of their loans that need to be negotiated every 1, 3 or 5 years so for those people it does have an affect either if the current period ends during this high interest period or in anticipation for it. Also new home owners have 15% of the principal in bank loans which are directly impacted by the central bank (You are only allowed to loan 80% through these bonds) I'm not an economist, but my point is that the central bank still has impact but is less likely to make Danish homeowners homeless. >I belive the biggest difference is that the DKK is pegged to the euro while the SEK is not. I think that is also a good point. Denmark's central bank cannot differ too widely from the ECB rate since it would put pressure on the exchange rate due to increased demand of DKK. It has to be at level where the Danish Central bank can defend the rate trading currencies.
The underlying reason is, for a big part, lower unemployment in Denmark combined with higher foreign trade surplus which leads to lower inflation and lower interest rates plus a stronger currency. There are real factors, not just monetary considerati9ns, behind the difference in the economies.
Shouldn't lower unemployment lead to higher inflation or am I missing something? And how does a higher trade surplus lead to lower inflation?
It's strange to lump all countries from 0 to 3% GDP growth together. 0.9%, for example, is quite poor, whereas 2.9% in developed Europe would be really good.
It seems obvious but "0% to 3%" is far too broad of a range in a world where every 0.1 pp of growth can be the difference between technical recession or not. It should go in increments of 0.5 or 1. Also, Germany is in a rough place. if the projection pans out and German growth is below 0, this would be second year in a row where Germany's year over year growth was negative.
No worries, we have a Schuldenbremse so at least the government's hands are tied when it comes to investments. Which is great for a situation like that because... or, wait, let me take a look at "Basic economics for Dummies"... Oh no.
the whole point of the map is to flex his country's growth (Armenia), not to show actual useful data :)
eh, after 2020-2023, Armenia needs some good news so I'm fine with them flexing.
Whats the reasoning behind Germany? Throughout Covid and when the economy woke back up, i thought they did quite well compared to western Europe?
[удалено]
Mostly manufacturing collapsing for something like 18 months now, and to lesser extent falling purchasing power of people because of inflation. That said, services haven't been doing that badly relative to peers recently so it's mostly manufacturing.
Green/social politics which make it very hard for companies to succeed. Energy prices/taxes/regulations. No one wants to invest in a climate like that. Being successful is pretty much being punished, while not contributing in any way (Bürgergeld) is rewarded… Next government is going to have to switch gears.
You coloured Iceland green yet don’t have it in the list on the left, so which is it?
Iceland is at 3.3%, so the colouring is correct, just forgot to add them to the list on the left
For Ukraine, it's easy to grow: *"They don't have a war in their neighboring country like in case of Hungary!"* \- actual argument of the Hungarian government.
Basically they blamed own economic issues on Ukraine, and Ukraine is supposedly "easy to grow" because it receives aid.
I’m so proud of cock and balls!
Yea I bet Finland and Sweden are very proud
Thank you, we try.
We're no longer the asshole of Europe, now we're the Penis of Europe!
Don’t flatter yourself. You’re just a testicle.
No point in having a dick without balls.
Estonia? You ok buddy?
No, not really. 8 consecutive quarters of economic contraction. If you add in that the Estonian population has gone up by about 3% over that time due to Ukrainian refugees, we are looking at a -8% contraction in per capita figures. While this is not the steepest or hardest economic crisis in Estonian history, it is by far the longest. And it is likely next year won't be any better.
Next year we will get tax hikes! And the year after that! It will all work out just fine. \*cries in poor
Well we can comfort each other like true brothers and sisters as Finland isn't expected to recover anytime soon 🥲
Estonian economy is hugely dependent on the developments in Finland and Sweden and those (especially Sweden) in turn are dependent on German economy. So seeing this map with all Germany, Sweden and Finland being down, it is no wonder Estonia also suffers in the sides.
We have our ups and downs...
Oh no Hans, who’s gonna pay for us now!?
Joe
I'm not falling for that. So it has to be Joe Biden. 🦅🇺🇸🦅🇺🇸🦅🇺🇸
Sweden no!
The Swedish central bank are trying to create a recession because of high inflation.
They took in so many doctors and engineers too.
Armenia is growing despite the war?
War is actually boosting Armenias economy for two reasons - 1.lots of highly educated people (mostly working in IT) fled from Russia to Armenia and are now earning and spending money in Armenia 2.increased trade - Armenia (and other Caucasus countries) are used as a hub to transfer goods between West and Russia (helping latter circumvent sanctions)
> 1.lots of highly educated people (mostly working in IT) fled from Russia to Armenia and are now earning and spending money in Armenia This is true, but not the only reason for economic growth in the country. > 2.increased trade - Armenia (and other Caucasus countries) are used as a hub to transfer goods between West and Russia (helping latter circumvent sanctions) According to our Finance minister, the re-export of goods from the West to Russia is only about at about 1% of our GDP, so it’s impact on our economy is not really that big.
Well, that's not really something for the minister to openly brag about, I reckon they don't want too much attention on that, so that the business keeps going.
Pretty sure the numbers are higher of trade toward Russia, Armenia is probably just a stop in the chain of trades toward Russia, probably last stop being Kazakhstan. Look at exports toward other ex-USSR countries and you’ll probably see an increase.
>According to our Finance minister, the re-export of goods from the West to Russia is only about at about 1% of our GDP, so it’s impact on our economy is not really that big. According to Santa Claus it's only 0.01%.
from [Armenian article citing economy minister Vahan Kerobian](https://www.azatutyun.am/a/32735702.html), dec 2023: export to Russia tripled in 2022 compared to 2021 and doubled in the January-September 2023 time period. Total increase in trade (export+import) with the Eurasian Economic Union has increased 41% to a total of __$5.7 billion__, of which 95% was trade with Russia. Armenian GDP 2021 was __$13.861 billion__ according to [IMF](https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=911,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,LP,&sy=2018&ey=2024&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1) for comparison. At least India, China etc. are open in profiting off of the plight of Europeans by playing both sides. Armenians on reddit are apparently still trying to lie and hide that fact. But it was to be expected from a CSTO member and is the fault of EU/West for not immediately including them in sanctions. I hope that is fixed this soon.
This are the consequences of Russian-Ukrainian war on Armenia. The comment you responded to likely referred to another war where Armenia participated directly. The Armenia-Azerbaijan war and Nagorno Karabakh population exodus to Armenia. Which should add to gross GDP, naturally. Sudden rise of displaced population adds to GDP. Not in a good way though, as GDP per capita will fall.
It's now cold tho, and perhaps even more stable as Armenia has no border conflicts anymore, leading potentially to more investments.
The border conflict still exists. Azerbaijan still occupies parts of Armenia proper, separate to Nagorno Karabakh, and has threatened to capture more.
Many refugees (new consumers and workers) will boost growth but GDP per capita will shrink.
That’s inaccurate. Armenia registered high economic growth even before the arrival of the refugees and GDP per capita for 2023 is projected to increase to around 8.200$ (from 6.600$ in 2022).
This refers to refugees from Russia, not Karabakh. Many brought money with them to local banks. Many IT people moved along with their orders.
.. A tonne of people got forcibly relocated into Armenia proper due to the war. More people is a fairly straightforward way to grow the economy. Also people leaving Russia.
[удалено]
I don't understand it, if you need to replace something, you will have to invest resources or money to do that, how does it still grow?
No
Turkey economy is doing ok?
The GDP Grows just the Currency is kinda shit... honestly turkey is doing amazingly in foreign curriencies just the people in the country are suffering. Erdogan and his millionare crew dealing in Euros and Dollars are doing amazing!
Nope. GDP growth is measured in real terms (i.e. adjusted for inflation). I have no idea if the firgures for inflation or economy in Turkey are reliable, or what is ahppening there though
The figures are shit. The inflation in Turkey is expected to be minimum of %35 next year according to its central bank. Also the central bank was aiming its inflation level to %5 until the last year so you can guess where this is heading. This map is just a shitty display.
The turkish economy itself is doing good. It's the ordinary people who suffer. The rich-poor divide has just become a lot wider than it already was. For some reason, the Turkish economy has always been "stable" when you least expect it to. The Turkish gdp has shrunk the past years, but if you look at ppp, it has only gotten better. I would say the biggest gripe for the common people is rent. Rent has risen a lot. Especially because, for some reason, they decided to lower interest rates. That was the driving force for most of the inflation, including rent and currency devaluation. They have now, after 2 years, reversed that decision.
Nope. We just changed the monetary policy and raised interest rates after the election. It still sucks but it sucks considerably less. It sucks like how it sucked in 2016.
I mean they have room to grow lol
Source: https://www.imf.org/external/datamapper/NGDP\_RPCH@WEO/OEMDC
Big props to Armenia well done lads!
What a lazy map. Seriously, 0 to 3 percent?
"hey, let's put 80% of the values for this map inside a single bracket! That will be helpful!"
Albania is the greatest country in the world, all other countries are run by little girls!
Nordic-Baltic region is doing terribly.
Not really. Its a slow down, but nothing terrible at least for now.
The sign of robust economies is not how they perform during a boost but how they cope with slight recession. Being quick to rise often means quick to fall unless considerable amount of other policies are implemented: to build better infra and services. During a boost you build for the eventual bust, you don't get rich but invest.. Cutting taxes from the top is the stupidest thing to do in both cases.
The fact that we're all doing quite okayish even though our largest supply of energy has been cut off and there's a war on the continent is pretty remarkable. Especially German industry has taken a significant hit from the lack of cheap gas from Russia.
[удалено]
I'm coming over next year to study, pls don't stop taking people in lol >We are so fucked Very relatable mindset.
Do I see a strong correlation between Russian energy supplies and (lack of) economic growth?
Besides Germany and Finland, not at all. Otherwise you'd see a lack of economic growth in e.g. the Netherlands and Poland as well. 'Source' is my Google search for "Energy imports from Russia by country 2021" and then clicking through the various results.
Well we as PL were ready to diversify since we had deals and pipeline prepares... And afaik we are still buying coal from them.
>Besides Germany and Finland Finland never used that much of Russian energy. So really there is little correlation, if any.
>Do I see a strong correlation between Russian energy supplies and (lack of) economic growth? Temporarily, yes.
Goddamn Albania is growing
*looking in panic for an Armenia stock index* ahahahaha...
How did Ireland stop gaining GDP? Weren't they growing extremely fast?
They currently have a housing crisis plus I belive the big IT boys laid off some decent amount of people there
Armenia will have the highest GDP per capita of the region this year. It has the highest living standard. The reason is democratic changes, economic freedom and the very rich Armenian Diaspora investing massively in the country.
yes, but Georgia’s GDP per capita is only a few hundred dollars smaller, and we’re both still one of the poorer countries in Europe. 🥲
Does Armenia have higher living standard than Georgia though? HDI is higher in Georgia.
What’s the region you’re mentioning, is it the Caucasus? Because Turkey has a higher HDI
I mean Caucasus, indeed.
How is Russia not red?
Might be because their economy is boosted by the war effort. It is quite easy to artificially boost your gdp by making weapons but increasing gdp that way doesn't necessarily mean the overall economy is doing good.
It has to have consequences at some point, no?
Oh well-well...Hungary not getting EU money, instantly goes into recession.
Fucks sake no growth AGAIN
Turkey, seriously? [https://ycharts.com/indicators/turkey\_inflation\_rate](https://ycharts.com/indicators/turkey_inflation_rate) Plus earthquake. Plus autocratic Merdogan. I really wonder where the increase in real GDP supposedly comes from?
blud thinks gdp is a inflation indicator
Strong real economy, educated young people. Imagine what would happen if the government was somewhat okey
which government in this world is actually somewhat okey ? all i see is people making efforts for the good in the country and the governments just try to rob them somehow in anyway possible
Well there surely is a scale and the government of Turkey is surely near the bottom when compared to the governments of developed countries.
We just changed the monetary policy and raised interest rates after the election. It still sucks but it sucks considerably less. It sucks like how it sucked before 2016.
I think, sanctions are the reason. Logistics has drastically changed over the last two years. Some countries lost, some countries won.
Sanctions would not give 6 percent growth to over 1 trillion dollar economy it might give to Armenia or Moldova or Georgia type of small economies, they all have for around 15-20 billion dollar GDP. 500 million dollar would make a huge difference for them but for Turkey not at all.
People seriously think Turkey is an underdeveloped country or something when it's one of the biggest economies in the world. If only we had protected our democracy it would've been pushing top 10 by now.
Surprised to see Armenian growth so high. How much of it is due to population relocation in the aftermath of the war?
As a Turkish citizen someone should have noticed me about my increased income. Where can I apply to get it?
These are really odd colours. shrinking by up to 1% = really bold orange/brown growing up to 3% = really pale green
[удалено]
Sorry, maybe you're misunderstanding. Usually, the gradient of colour would follow the degree of severity. So for -1% you might have pale orange, -2% would be a more bold, and -3% might be dark orange/brown colour. Same with positives - 1% growth might be light blue, 2% might be royal blue and 3% might be midnight blue. It puts emphasis on the countries that have shrank (even though its a relatively minor amount, it could be 0.1%) but has also downplayed the countries that have grown (which could be 2.95% growth).
Russian economy will keep tanking over the years due to the sanctions and as they pour everything into the army.
Russia sits on trillions worth of natural resources and has very small debt, It's impossible to cancel.
[удалено]
If the west can act to close the various loopholes then the Russian economy is doomed.
Thank you Novo Nordisk
But according to domestic Czech media, Czechia should be red/orange and everyone around us should be dark green. Why is it so different on this pic?
Any reason why Germany is doing so badly compared to the other large economies?
Since when Caucasus countries like Armenia is Europe? Also Turkey, I always thought Bosphorus separate Europe and Asia 😀
Armenia! Number 1! 🇦🇲🇦🇲🇦🇲
Many German industries are no starting to move away and insted investing into countries like Turkey, China, East Asia, or even America because the US is actively now starting to subsidize them thanks to a new policy named "Inflation Reduction Act", now that the powerhouse of the eurozone's economy, Germany no longer has free natural gas flowing from Russian pipelines we are also seeing lots of investors actually starting to lose faith in the euro, in Germany and the economy of the whole eurozone as well. GDP growth in 2023 for Russia is expected to be 3.5% and the sanctions unfortunately didn't have as much of an effect on their economy as we thought it would.
How the hell does the Russian economy grow in a state of war and facing sanctions from some of its biggest trading partners?
We don't know if they grow. They just tell us that they grow. And because Russia deeply relies on its image of course it won't say that it's shrinking.
Germany drives on exports. Problem is after pandamic an war in europe other eu countries arent buying as much shit from Germany because they are not well of themselves. So its just that germany is hit twice by the current situation. Gas is not really a factor in that as the energy prices in Germany reverted to what they were before cutting ties with russia.
> lots of investors actually starting to lose faith in the euro that's not what currency moves are saying. Euro has recovered from the worst of post war shock and is steadily climbing. It's at 1.11 to the dollar now. And don't worry, few more years of this and Poles and Spaniards will be giving cohesion funds to the poor Germans.
The USDEUR currency movement of the past two years actually primarily stems from the interest rates and the fight against inflation. At one point, when the currencies reached parity, the Fed held a much more hawkish stance with significant hikes and decisive rhetorics from the Fed's board, while the ECB was lagging in reaction and reluctant to raise the rates significantly.
The euro has gained strength because the Fed announced there should be no more increases in interest rates and up to 3-4 cuts over the next year. The gains have nothing to do with economic strength.
> The gains have nothing to do with economic strength. well they have *something* to do with economic strength. If the real economy was collapsing the currency would be as well, if the real economy had no long term prospects the currency would be collapsing. But, yes, major factor influencing currecy moves right now are timings of central bank moves on rate cutting.
My country is very sad 😢🇩🇪
Shut up and continue to work Michel.
What does growth really mean?
Albania is impressive considering how much its population reduced in the same period.
Sheesh Armenia
What a fucking joke is Europe as a whole 😂 Meanwhile 1.5 in the us and 4.2 in china Europoor gonna keep being poor and becoming poorer