The economy is facing deflation in growth extensively, observing the worldwide growth plunging from 5.7% in 2021 to 2.9% in 2022. The elements effecting the current economic depression are COVID-19 pandemic, lockdowns in China, supply-chain disruptions, and the Russian invasion of Ukraine.
The latest report by World bank says that as the inflation is amplifying comprehensively, the global economy could enter a phase of economic crisis, whereby the repercussions could be detrimental impacting negatively the economies of low and mid level countries.
A country’s performance is usually indicated by stock market performance, GDP, household incomes, Government indebtedness and capital spending.
Notwithstanding the current economic slowdown and their viewpoint on cryptocurrency, the top 5 countries with their economies executing well are South Korea, UAE, Ireland, Norway, Saudi Arabia.
The paramount mixed economy of the country has led it being one of the best economic performers recently. Due to the flourishing export activities, the country has observed 4% growth in GDP by 2021. High industrialization has powered the country’s economic development. During the crisis period globally, the country is expecting the economic growth by 2.5% in 2023.
Stand on Crypto: Substantially, South Korea is pro-crypto, whereby the country has authorized the crypto ownership and trading in 2020. Active crypto users comprise of approximately 10% of the country’s population, allowing crypto market grew by 55.2 trillion South Korean Won. Also, Cryptocurrency has played a momentous role to foster the economic growth of the country.
The economy of the UAE stands on the top in the Gulf whereby, oil rent, transportation, tourism and real estate are the major contributors o the GDP. The country has noted the spectacular 6% economic growth in the semi-annual 2022.
Stand on Crypto: The Government here is allowing few crypto exchanges to operate in the free-zone economic zone, whereas 65% of residents have invested in cryptocurrencies. It has been at leading edge to encourage the cryptocurrency and blockchain technology. The blockchain technology is expected to flourish its economy in the upcoming years, as UAE is also banking on cryptocurrency.
Economic growth of the country has been pushed by IT, Pharma and international exports’ growth. Post pandemic, the country’s economy has regained its strength at a fast pace, noticing the growth in the country’s GDP.
Stand on Crypto: Ireland has ranked 6th among crypto ready countries globally. The Government is supporting the endorsement of latest cryptocurrency technologies, including Blockchain and the country has multiple Bitcoin ATMs. The Government also introduced the “International Financial Services Strategy 2025” (IFS2025)- as a protocol to develop Ireland as the global leader in the financial services sector, letting the country be a centre of excellence for distributed ledger technology (DLT).
In Europe, the country has ranked as the best performer in terms of economy as it has recovered dynamically amidst the current economic downfall. Growing export of crude oil, natural gas and goods and services have observed a tremendous growth in Q1.
Stand on Crypto: The country is approving the Bitcoin use, being the world’s leading cashless country. It is the widely used digital currency in the country. Though regulatory frameworks for blockchain technologies and cryptocurrency are yet to be implemented. The gains from the crypto are taxed here and the losses are tax deductible for individuals and enterprises.
Over a span of last ten years, Saudi Arabia’s economy grew by majestic growth of 9.9% in the first quarter of 2022 even after the economic collapse. The major source of growth in the country are oil activities.
Stand on Cryptocurrency: Inspite of having unclear regulatory frameworks regarding crypto usage, the country is welcoming cryptocurrencies. Individuals are using Bitcoin without any restriction however, banks are restrained from dealing in cryptocurrency. Anyway, the country is eager to bring the blockchain technology into implementation in order to employ the technology benefits.