Markets
Confidence in the Global Economy, by Country
See this visualization first on the Voronoi app.
Confidence in the Global Economy, by Country
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Measuring consumer confidence in the economy is crucial for understanding both current economic strength, as well as how consumers may be expected to act in the future.
So how do people around the world feel about the global economy?
This visualization uses survey data collected from October 20 to November 3, 2023 by Ipsos. It was first highlighted as part of our 2024 Global Forecast Series.
Which Countries Feel Confident About the Economy in 2024?
Heading into 2024, an average of 50% of polled adults felt confident that the global economy would be stronger than in 2023. But breaking down responses by country shows a vast disparity between responses.
Here are the percentage of respondents who agreed with the following statement: “The global economy will be stronger in 2024 than it was in 2023.” We also note the change in percentage points (p.p.) compared with the same question a year prior.
| Country | Agree | Change (Year-over-year) |
|---|---|---|
| 🇮🇳 India | 85% | +12 p.p. |
| 🇮🇩 Indonesia | 82% | +14 p.p. |
| 🇨🇳 China | 82% | +4 p.p. |
| 🇵🇭 Philippines | 74% | N/A |
| 🇹🇭 Thailand | 68% | +4 p.p. |
| 🇲🇾 Malaysia | 62% | +8 p.p. |
| 🇲🇽 Mexico | 62% | +6 p.p. |
| 🇧🇷 Brazil | 60% | -13 p.p. |
| 🇸🇬 Singapore | 59% | +4 p.p. |
| 🇵🇱 Poland | 56% | +20 p.p. |
| 🇳🇿 New Zealand | 56% | N/A |
| 🇨🇴 Colombia | 54% | +5 p.p. |
| 🇨🇱 Chile | 51% | +8 p.p. |
| 🇵🇪 Peru | 51% | -3 p.p. |
| 🇦🇷 Argentina | 51% | +3 p.p. |
| 🇿🇦 South Africa | 49% | +2 p.p. |
| 🇦🇺 Australia | 48% | +7 p.p. |
| 🇭🇺 Hungary | 46% | +15 p.p. |
| 🇷🇴 Romania | 45% | +8 p.p. |
| 🇺🇸 United States | 45% | +3 p.p. |
| 🇪🇸 Spain | 44% | +8 p.p. |
| 🇳🇱 Netherlands | 44% | +12 p.p. |
| 🇹🇷 Türkiye | 43% | 0 p.p. |
| 🇬🇧 Great Britain | 43% | +11 p.p. |
| 🇨🇭 Switzerland | 43% | +8 p.p. |
| 🇮🇹 Italy | 40% | +8 p.p. |
| 🇩🇪 Germany | 40% | +3 p.p. |
| 🇨🇦 Canada | 39% | +2 p.p. |
| 🇸🇪 Sweden | 34% | +1 p.p. |
| 🇫🇷 France | 33% | +4 p.p. |
| 🇰🇷 South Korea | 33% | -5 p.p. |
| 🇵🇹 Portugal | 33% | N/A |
| 🇯🇵 Japan | 30% | 0 p.p. |
| 🌍 Global average | 50% | +4 p.p. |
At the top, India, Indonesia, and China stood as being the most confident about 2024’s economic prospects. 85% of Indian respondents agreed that the global economy will be stronger in 2024 than in 2023, while 82% of Chinese and Indonesian respondents felt the same.
Regional disparities also become evident, with Asian countries making up the top five most confident countries and seven out of the top nine. In fact, South Korea and Japan were the only Asian countries surveyed that were not feeling confident, with Japanese respondents being the least confident (30%) and South Koreans tied for the second-least confident (33%).
Countries in South America ranged from Brazil having a high of 60% of respondents agree with 2024 being stronger than 2023 to Chile having a “low” of 51%. North American countries were more split, with Mexico feeling more confident and Canada feeling less confident.
Lastly, Europe stood out as being the least confident in the global economy in 2024. Only Poland (56%) had more than 50% agree that this year would be better than the last, while major economies like Germany (40%) and France (33%) sat closer to the bottom of the table.
Markets
The European Stock Market: Attractive Valuations Offer Opportunities
On average, the European stock market has valuations that are nearly 50% lower than U.S. valuations. But how can you access the market?
European Stock Market: Attractive Valuations Offer Opportunities
Europe is known for some established brands, from L’Oréal to Louis Vuitton. However, the European stock market offers additional opportunities that may be lesser known.
The above infographic, sponsored by STOXX, outlines why investors may want to consider European stocks.
Attractive Valuations
Compared to most North American and Asian markets, European stocks offer lower or comparable valuations.
| Index | Price-to-Earnings Ratio | Price-to-Book Ratio |
|---|---|---|
| EURO STOXX 50 | 14.9 | 2.2 |
| STOXX Europe 600 | 14.4 | 2 |
| U.S. | 25.9 | 4.7 |
| Canada | 16.1 | 1.8 |
| Japan | 15.4 | 1.6 |
| Asia Pacific ex. China | 17.1 | 1.8 |
Data as of February 29, 2024. See graphic for full index names. Ratios based on trailing 12 month financials. The price to earnings ratio excludes companies with negative earnings.
On average, European valuations are nearly 50% lower than U.S. valuations, potentially offering an affordable entry point for investors.
Research also shows that lower price ratios have historically led to higher long-term returns.
Market Movements Not Closely Connected
Over the last decade, the European stock market had low-to-moderate correlation with North American and Asian equities.
The below chart shows correlations from February 2014 to February 2024. A value closer to zero indicates low correlation, while a value of one would indicate that two regions are moving in perfect unison.
| EURO STOXX 50 | STOXX EUROPE 600 | U.S. | Canada | Japan | Asia Pacific ex. China |
|
|---|---|---|---|---|---|---|
| EURO STOXX 50 | 1.00 | 0.97 | 0.55 | 0.67 | 0.24 | 0.43 |
| STOXX EUROPE 600 | 1.00 | 0.56 | 0.71 | 0.28 | 0.48 | |
| U.S. | 1.00 | 0.73 | 0.12 | 0.25 | ||
| Canada | 1.00 | 0.22 | 0.40 | |||
| Japan | 1.00 | 0.88 | ||||
| Asia Pacific ex. China | 1.00 |
Data is based on daily USD returns.
European equities had relatively independent market movements from North American and Asian markets. One contributing factor could be the differing sector weights in each market. For instance, technology makes up a quarter of the U.S. market, but health care and industrials dominate the broader European market.
Ultimately, European equities can enhance portfolio diversification and have the potential to mitigate risk for investors.
Tracking the Market
For investors interested in European equities, STOXX offers a variety of flagship indices:
| Index | Description | Market Cap |
|---|---|---|
| STOXX Europe 600 | Pan-regional, broad market | €10.5T |
| STOXX Developed Europe | Pan-regional, broad-market | €9.9T |
| STOXX Europe 600 ESG-X | Pan-regional, broad market, sustainability focus | €9.7T |
| STOXX Europe 50 | Pan-regional, blue-chip | €5.1T |
| EURO STOXX 50 | Eurozone, blue-chip | €3.5T |
Data is as of February 29, 2024. Market cap is free float, which represents the shares that are readily available for public trading on stock exchanges.
The EURO STOXX 50 tracks the Eurozone’s biggest and most traded companies. It also underlies one of the world’s largest ranges of ETFs and mutual funds. As of November 2023, there were €27.3 billion in ETFs and €23.5B in mutual fund assets under management tracking the index.
“For the past 25 years, the EURO STOXX 50 has served as an accurate, reliable and tradable representation of the Eurozone equity market.”
— Axel Lomholt, General Manager at STOXX
Partnering with STOXX to Track the European Stock Market
Are you interested in European equities? STOXX can be a valuable partner:
- Comprehensive, liquid and investable ecosystem
- European heritage, global reach
- Highly sophisticated customization capabilities
- Open architecture approach to using data
- Close partnerships with clients
- Part of ISS STOXX and Deutsche Börse Group
With a full suite of indices, STOXX can help you benchmark against the European stock market.
Learn how STOXX’s European indices offer liquid and effective market access.
-
Economy2 days agoEconomic Growth Forecasts for G7 and BRICS Countries in 2024
The IMF has released its economic growth forecasts for 2024. How do the G7 and BRICS countries compare?
-
Markets1 week agoU.S. Debt Interest Payments Reach $1 Trillion
U.S. debt interest payments have surged past the $1 trillion dollar mark, amid high interest rates and an ever-expanding debt burden.
-
United States2 weeks agoRanked: The Largest U.S. Corporations by Number of Employees
We visualized the top U.S. companies by employees, revealing the massive scale of retailers like Walmart, Target, and Home Depot.
-
Markets2 weeks agoThe Top 10 States by Real GDP Growth in 2023
This graphic shows the states with the highest real GDP growth rate in 2023, largely propelled by the oil and gas boom.
-
Markets2 weeks agoRanked: The World’s Top Flight Routes, by Revenue
In this graphic, we show the highest earning flight routes globally as air travel continued to rebound in 2023.
-
Markets2 weeks agoRanked: The Most Valuable Housing Markets in America
The U.S. residential real estate market is worth a staggering $47.5 trillion. Here are the most valuable housing markets in the country.
-
Misc1 week agoHow Hard Is It to Get Into an Ivy League School?
-
Technology2 weeks agoRanked: Semiconductor Companies by Industry Revenue Share
-
Markets2 weeks ago
Ranked: The World’s Top Flight Routes, by Revenue
-
Countries2 weeks agoPopulation Projections: The World’s 6 Largest Countries in 2075
-
Markets2 weeks ago
The Top 10 States by Real GDP Growth in 2023
-
Demographics2 weeks agoThe Smallest Gender Wage Gaps in OECD Countries
-
Economy2 weeks agoWhere U.S. Inflation Hit the Hardest in March 2024
-
Environment2 weeks agoTop Countries By Forest Growth Since 2001