Spain Again Ranks Among the 20 Most Globalised Economies

Spain has once again been placed among the 20 most globalised economies in the world, after climbing a position after three years at No. 21 in the ranking prepared by Ernst & Young. However, this improvement has occurred even though their overall score (4.45 points) is “substantially similar” to that obtained last year.

According to the report, ‘Looking beyond the obvious: globalization and new opportunities for growth’, Spain has improved its score this year in three of the five categories analysed in the Index (commercial activity, labour mobility and cultural exchange) and has declined in two (capital flow and technology exchange).

Thus, in this classification the Spanish economy stands above countries like Australia, the United States and Italy, but is below some of its neighbours, such as Britain (which this year lost a couple of positions) or Germany and France (who climb several places).

According to Cinco Dias, this annual report notes that, with regard to the global situation, despite the weak global economic growth in 2012 and the uncertain outlook for 2013 in many markets, “Globalization continues to advance in the majority of the 60 largest economies in the world.”

The global ranking, presented on Sunday on the occasion of the World Economic Forum meeting being held in Davos (Switzerland) this week, is led by Hong Kong, Singapore, Ireland, Belgium and Switzerland, while the rest of the top ten positions are held by the Netherlands, Sweden, Denmark, Hungary and the United Kingdom.

The Ernst & Young Index also suggests that, while most of the forecasts see global GDP in 2013 increasing between 3% and 3.5%, with modest growth in subsequent years, globalisation will continue to advance, driven by technology and the cross-border flow of ideas. The Index also highlights the advancement of mid-sized markets, such as Vietnam, Malaysia, Thailand and the Philippines; and of smaller European countries such as Belgium, Slovakia and Hungary.