Europe's Economic Laggards Have Become Its Leaders

Southern European countries like Greece, Spain, and Portugal, once considered economic weaklings, are now outpacing traditional powerhouses like Germany in economic growth. These nations have rebounded impressively from the severe eurozone debt crisis of the early 2010s, demonstrating robust growth rates in 2023 that are more than double the eurozone average. Meanwhile, Germany is experiencing a downturn, primarily due to high energy costs following geopolitical tensions with Russia.