The Southern Four, seen as bad examples since the financial crisis, performed much better than their northern counterparts in weak Europe.
Being the countries with the biggest economic problems in the European bloc, the group known as Portugal, Italy, Greece and Spain recorded growth above the European average, a trend that should continue to emerge in 2024. Northern Europe, on the other hand, is suffering Of greater difficulties resulting from the energy shock, while the south benefits from the development that exceeded expectations in the tourism sector, it seizes the opportunity to correct some structural imbalances. Challenges will remain, but for now the pace of the single currency is set by the most indebted countries.
In light of the clear difficulties facing the euro area, the countries of the South are characterized by the vitality and strength they have shown in recent years. The pandemic shock was stronger in Greece, whose economy relied more on contact-intensive sectors, such as tourism and restaurants, but on the other hand, lower energy dependence and lower integration with Russia have protected these countries in the past two years. With Germany, the bloc’s economic engine, at risk of contracting the flu, it is the south that is presenting itself as the leader of European growth.
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