Israel became the fourth best performing economy in the world in 2022, according to a ranking compiled by The Economist.
The impressive result was obtained despite the political instability in the Jewish State, according to the British outlet.
The list, which includes a total of 34 countries, takes into account five different macroeconomic indicators: growth, annual inflation, extent of inflation, stock market and public debt.
According to Globes, Israel's debt-to-GDP ratio has fallen this year from 68 percent to around 60 percent. And if inflation in Israel over the past 12 months has reached the high level of 5.3 percent, it still represents about half the rate of increase in prices "in the rich world," underlined The Economist.
The first place in the ranking was awarded to Greece, which, after the economic upheavals it experienced even before the pandemic, managed this year to reduce the national debt ratio by 16 percent. Portugal and Ireland ranked second and third respectively, while Israel shared fourth place with Spain.
The major world powers are, for their part, less well ranked. The United States ranked the 20th, with very weak growth of 0.2 percent. Germany is in 30th place, with high inflation of 10 percent. The last country to occupy the ranking of the best performing economies of the year is Estonia.
This international comparison points to a clear advantage in terms of inflation for countries that are not dependant on Russian gas and oil, such as Israel.
Spain, for example, which buys natural gas from Algeria and uses solar energy, has recorded a relatively moderate increase of 5.7 percent in the consumer price index since the beginning of the year until October. Latvia, on the other hand, suffered a 20 percent inflationary rampage due to its energy dependence on Moscow.