Economic data has been revealed by the PM, although predictions for 2024 are much more bleak.
In 2023, the regional economy grew by some 2.92%, higher than 2022's 2.78%, leaving the region 3.3 trillion marks richer.
Data revealed by the regional government shows that the percentage growth of the economy in each nation was as follows:
Across the entire region, economic growth was higher than 2022 and also higher than the projected by ONN.
However, the uptake in economic growth is expected to be short-lived as recession fears are growing thanks to rising inflation and governments recklessly spending.
The regional economy is expected to contract 1-2% this year, with some nations more adversely affected than others.
Here is a breakdown for each nation:
Mardata
Growth Rate: 7.56%
ONN Projection: 7.5%
Risk of Recession in 2024: LOW
The Mardatan economy again performed incredibly well thanks to massive government expenditure which has massively boosted all sectors.
GDP per capita continues to rise, now to 11,500. This means that the regional government is meeting its targets for boosting the Mardatan economy.
In 2024, the economy will not perform as strongly due to the expected regional recession. However, there will still be positive economic growth, and an anticipated bounce back in 2025.
Projected growth for 2024- 3.5%
Patec
Growth Rate: 5.98%
ONN Projection: 5.5%
Risk of Recession in 2024: LOW
The trade deal with Meercovo, among other new commitments by the government of Patec, has lead to consistently high economic growth for the past 2 years.
The government of Patec has balanced the budget and seen higher than expected economic growth thanks to the Eastern Security and Trade Treaty (EAST).
Due to these trade deals, the country will not be hit as badly by the upcoming recession, and will have the highest growth rate, and will have the highest regional growth in 2024 and 2025 under current projections.
Projected growth for 2024- 3.75%
Terebostadan
Growth Rate: 5.21%
ONN Projection: 5%
Risk of Recession in 2024: MEDIUM
Despite recent tensions between Terebostadan and Patec, the collapse of the NWTA and the apparent isolationist policy of Terebostadan, the country has performed strongly. While ONN did predict 5% growth, this was at the end of 2022, and ONN anticipated growth of just 1% before the statistics were revealed.
The unusually high economic growth has been attributed to Terebostadan's geographical location which means it is an ideal location for both cargo ships and tourists traveling between the continents.
However, Terebostadan is expected to fair badly in the recession and have a sluggish return growth in 2025.
Projected growth for 2024- -1%
Niater
Growth Rate: 2.75%
ONN Projection: 3%
Risk of Recession in 2024: HIGH
Niater had a stable performance in 2023 yet growth was lower than in 2022. Despite this, the economy did still grow by 350 billion marks.
However, the economy is expected to underperform in 2024, as Niater remains one of only a few nations outside of any major trade deal. Niater is expected to be hit doubly hard by the recession, experiencing economic contraction in both 2024 and 2025.
However, these contractions will not be too severe and won't disrupt the economy very much.
Projected growth for 2024- -0.5%
Meercovo
Growth Rate: 3.24%
ONN Projection: 3%
Risk of Recession in 2024: HIGH
The Meercovian economy had a stronger than expected performance, pulling ahead of economic rivals such as Niater.
The economic growth was attributed to membership of almost all trade deals, specifically the new agreement with Patec which boosted Meercovo's international relationship.
The government has also said it will go on a 'massive' spending program to increase economic growth. However, 2024 has a bleak outlook with recession very likely, and projected growth to be -2.5%, one of the highest in the region.
Projected growth for 2024- -2.5%
FRS
Growth Rate: 3.33%
ONN Projection: 3.5%
Risk of Recession in 2024: HIGH
Again, the economy of FRS underperformed ONN's prediction, but was still the strongest performing of the 'developed' nations (with a GDP per capita over 15,000).
FRS is expected to be hit hard by the recession, yet see a massive jump back in 2025 with the highest growth of any nation behind Patec.
Projected growth for 2024- -3%
Oranjehaven
Growth Rate: 2.59%
ONN Projection: 2.5%
Risk of Recession in 2024: MEDIUM
Oranjehaven had a stable growth in 2023, growing to over 9 trillion marks for the first time.
The economy is on a trajectory to pass 10 trillion by 2027, and will then emerge as one of the fastest growing economies in the region, with the largest GDP per capita by 2040.
For 2024, Oranjehaven has a medium risk of recession due to the stable economy and government. Oranjeahen could enter a recession, or even see positive growth.
Projected growth for 2024- 0%
Zanjact
Growth Rate: 1.1%
ONN Projection: 1.5%
Risk of Recession in 2024: HIGH
The massive Zanjactian economy saw another year of sustained growth, adding almost 500 billion marks to the economy.
However, analysts project growth to begin levelling out, as Zanjact accounts for almost a third of regional output.
Zanjact has also adopted a policy of isolationism, abstaining from any pacts or trade deals, which means businesses are relocating to nations such as Mardata and Patec where the economic future is brighter.
Projected growth for 2024- -2.5%