The fastest growing economy in Europe in 2024 was Malta. The small Mediterranean country's gross domestic product grew at five percent in 2024, beating out Montenegro which had a growth rate of almost four percent and the Russian Federation which had a rate of 3.6 percent in the same year. Estonia was the country with the largest negative growth in 2024, as the Baltic country's economy shrank by 0.88 percent compared with 2023, largely as a result of the country's exposure to the economic effects of Russia's invasion of Ukraine and the subsequent economic sanctions placed on Russia. Germany, Europe's largest economy, experience economic stagnation with a growth of 0.1 percent. Overall, the EU (which contains 27 European countries) registered a growth rate of one percent and the Eurozone (which contains 20) grew by 0.8 percent.

The economy of the European Union is set to grow by *** percent in 2025, according to forecasts by the European Commission. This marks a significant slowdown compared to previous years, when the EU member states grew quickly in the aftermath of the COVID pandemic. ***** is the country which is forecasted to grow the most in 2025, with an annual growth rate of *** percent. Many of Europe's largest economies, on the other hand, are set to experiencing slow growth or stagnation, with Germany, France, and Italy growing below *** percent.

This dataset provides values for GDP ANNUAL GROWTH RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

This dataset provides values for GDP GROWTH RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The real gross domestic product (GDP) of Malta is estimated to have grown by *** percent in 2023 and is projected to grow a further **** percent in 2024, which are the highest growth rates across all European countries for each year. In comparison, Estonia, Austria, Finland, and Ireland all had *************** rates in 2023.

Quarterly GDP growth was negative for both the European Union and the Euro currency area in quarter three of 2023. During this quarter, Malta was the European country which saw the greatest growth compared to the previous quarter, with the small Southern European country growing its output by 2.4 percent in quarter three. Estonia, on the other hand, saw the greatest contraction of its economy compared to quarter two, with the Baltic country seeing a negative growth rate of -1.3 percent. Many of the larger economies in Europe also saw negative growth in this quarter, albeit with smaller declines - Germany, France, and the UK saw negative rates of -0.1 percent, while the Netherlands saw a decline of -0.3 percent. Italy saw a slow growth rate of 0.1 percent, while Spain, Switzerland and Turkey both grew by 0.3 percent. Poland was the fastest growing of Europe's larger economies in quarter three, however, with a rate of 1.5 percent.

The UK economy shrank by 0.1 percent in May 2025 after shrinking by 0.3 percent in April. Since a huge decline in GDP in April 2020, the UK economy has gradually recovered and is now around 4.4 percent larger than it was before the COVID-19 pandemic. After the initial recovery from the pandemic, however, the UK economy has effectively flatlined, fluctuating between low growth and small contractions since January 2022. Labour banking on growth to turn around fortunes in 2025 In February 2025, just over half a year after winning the last general election, the approval rating for the new Labour government fell to a low of -48 percent. Furthermore, the Prime Minister, Keir Starmer was not only less popular than the new Conservative leader, Kemi Badenoch, but also the leader of the Reform Party, Nigel Farage, whose party have surged in opinion polls recently. This remarkable decline in popularity for the new government is, in some part, due to a deliberate policy of making tough decisions early. Arguably, the most damaging of these policies was the withdrawal of the winter fuel allowance for some pensioners, although other factors such as a controversy about gifts and donations also hurt the government. While Labour aims to restore the UK's economic and political credibility in the long term, they will certainly hope for some good economic news sooner rather than later. Economy bounces back in 2024 after ending 2023 in recession Due to two consecutive quarters of negative economic growth, in late 2023 the UK economy ended the year in recession. After not growing at all in the second quarter of 2023, UK GDP fell by 0.1 percent in the third quarter, and then by 0.3 percent in the last quarter. For the whole of 2023, the economy grew by 0.4 percent compared to 2022, and for 2024 is forecast to have grown by 1.1 percent. During the first two quarters of 2024, UK GDP grew by 0.7 percent, and 0.4 percent, with this relatively strong growth followed by zero percent growth in the third quarter of the year. Although the economy had started to grow again by the time of the 2024 general election, this was not enough to save the Conservative government at the time. Despite usually seen as the best party for handling the economy, the Conservative's economic competency was behind that of Labour on the eve of the 2024 election.

In April 2025, the UK inflation rate was 3.5 percent, with prices rising fastest in the housing, water, electricity, gas and other fuels sector, which had an inflation rate of 7.8 percent. In this month, prices were rising in all sectors, except for in the clothing and footwear, and furniture sectors. UK inflation falls in 2024 After reaching a peak of 11.1 percent in October 2022, the CPI inflation rate in the UK gradually declined over several months, falling to a low of 1.7 percent by August 2024. An uptick in inflation has occurred since that month, however, and by the end of the year inflation was at 2.5 percent above the Bank of England's target rate of 2 percent. Going into 2025, recent forecasts suggest that over the course of the year, inflation will average out at 2.6 percent, with the 2 percent target not met on an annual basis until at least 2029. Roots of the inflation crisis This long period of high inflation that the UK and much of the world experienced had its roots in the post-pandemic economic recovery of 2021. During that year, as consumer demand returned, global supply chains struggled to return to full capacity, resulting in prices rising. With inflation already elevated going into 2022, Russia's invasion of Ukraine added even more inflationary pressures to the global economy. European markets which were heavily reliant on Russian oil and gas gradually phased out hydrocarbons from their economies. Food prices were also heavily impacted due to Ukraine's difficulty in exporting its agricultural products.

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Europe FMCG Logistics Market Size 2024-2028

The FMCG logistics market size in Europe is forecast to increase by USD 55.71 billion at a CAGR of 4.7% between 2023 and 2028.

The European Fast-Moving Consumer Goods (FMCG) logistics market is experiencing significant transformation, driven by the increasing adoption of technology such as drones, blockchain, artificial intelligence, and robotics. These advancements aim to streamline operations, enhance supply chain visibility, and improve last mile delivery efficiency. The Internet of Things (IoT) is also playing a pivotal role in optimizing inventory management and temperature control for perishable goods like meat and fruits and vegetables. However, challenges persist, including the lack of skilled drivers and the growing importance of reverse logistics in the circular economy.
Mergers and acquisitions (M&A) in the logistics industry continue to shape the market landscape, offering opportunities for consolidation and innovation. Stay tuned for deeper insights into these trends and their implications for the market.

What will be the Size of the FMCG Logistics Market in Europe during the forecast period?

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The European Fast-Moving Consumer Goods (FMCG) logistics market is experiencing significant evolution, driven by several key trends. Agile logistics is becoming increasingly important, enabling companies to respond quickly to changing consumer demands and market conditions. Supply chain resilience is another priority, with businesses seeking to mitigate risks through various strategies, such as digital twin technology and disaster recovery plans. Blockchain technology is revolutionizing the industry by enhancing transparency and security in the supply chain. Sustainable delivery and fuel optimization are also top priorities, with the adoption of electric vehicles and sustainable packaging gaining traction. Value-added services, such as business intelligence and risk management, are increasingly important for logistics providers to offer.
Freight consolidation and intermodal logistics are helping to reduce transportation costs, while vehicle tracking and compliance management ensure regulatory compliance. Reverse logistics processes, including returns management and product recall, are becoming more sophisticated, driven by the circular economy and the need for sustainable practices. E-commerce platforms and cloud computing are transforming the FMCG logistics landscape, requiring new approaches to demand forecasting, data-driven decision making, and inventory optimization. Autonomous vehicles and conveyor systems are also gaining popularity for their ability to streamline operations and improve efficiency. Customer relationship management and transportation optimization are essential for logistics providers to deliver exceptional service and meet customer expectations.
Mobile apps and sorting systems are becoming increasingly important tools for managing logistics operations in real-time. In summary, the European FMCG logistics market is undergoing significant change, driven by trends such as agility, sustainability, technology, and customer-centricity. Logistics providers must adapt to these trends to remain competitive and meet the evolving needs of their customers.

How is this FMCG Logistics in Europe Industry segmented?

The FMCG logistics in Europe industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Product

  Food and beverages
  Personal and beauty care
  Health and hygiene care
  Home care


Service

  Transportation
  Warehousing
  VAS


Mode of Transport

  Roadways
  Seaways
  Railways
  Airways


Technology

  IoT & AI
  Robotics & Automation
  Blockchain
  Data Analytics
  Supply Chain Visibility


End-User

  Retail
  E-commerce
  Hypermarkets & Supermarkets
  Convenience Stores


Geography

  Europe

    France
    Germany
    Italy
    UK

By Product Insights

The food and beverages segment is estimated to witness significant growth during the forecast period.

The food and beverage sector is experiencing significant growth due to shifting consumer preferences and rising income levels. Organic and packaged food and drinks, which are eco-friendly, free of chemicals and pesticides, and healthier than inorganic alternatives, are increasingly popular choices. Consumers are also drawn to fresh, frozen, exotic, and boldly flavored foods as their lifestyles and eating habits evolve. In Europe, this trend is particularly notable. E-commerce fulfillment plays a crucial role in this industry's growth. With the rise of online shopping, consumers expect fast delivery, real-time visibility, and delivery accuracy. Cold chain logistics is essential for temper

Between the Wall Street Crash of 1929 and the end of the Great Depression in the late 1930s, the Soviet Union saw the largest growth in its gross domestic product, growing by more than 70 percent between 1929 and 1937/8. The Great Depression began in 1929 in the United States, following the stock market crash in late October. The inter-connectedness of the global economy, particularly between North America and Europe, then came to the fore as the collapse of the U.S. economy exposed the instabilities of other industrialized countries. In contrast, the economic isolation of the Soviet Union and its detachment from the capitalist system meant that it was relatively shielded from these events. 1929-1932 The Soviet Union was one of just three countries listed that experienced GDP growth during the first three years of the Great Depression, with Bulgaria and Denmark being the other two. Bulgaria experienced the largest GDP growth over these three years, increasing by 27 percent, although it was also the only country to experience a decline in growth over the second period. The majority of other European countries saw their GDP growth fall in the depression's early years. However, none experienced the same level of decline as the United States, which dropped by 28 percent. 1932-1938 In the remaining years before the Second World War, all of the listed countries saw their GDP grow significantly, particularly Germany, the Soviet Union, and the United States. Coincidentally, these were the three most powerful nations during the Second World War. This recovery was primarily driven by industrialization, and, again, the U.S., USSR, and Germany all experienced the highest level of industrial growth between 1932 and 1938.

According to Cognitive Market Research, The Balance Shaft Market will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031. North America held the major market share for more than XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX % from 2024 to 2031. The Asia Pacific region is the fastest growing market with a CAGR of XX% from 2024 to 2031 and it is projected that it will grow at a CAGR of XX% in the future. Europe accounted for a market share of over XX% of the global revenue with a market size of USD XX million. Latin America had a market share for more than XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031. Middle East and Africa had a market share of around XX% of the global revenue and was estimated at a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031. The Balance Shaft Market held the highest market revenue share in 2024. Market Dynamics of The Balance Shaft Market

Key Drivers for The Balance Shaft Market

The increasing Demand for Fuel Efficiency drives the Market for Balance Shaft Market

The market for balancing shafts will continue to develop as fuel efficiency becomes more and more of a priority. How far a car can travel on a specific quantity of gasoline is referred to as its fuel economy. The efficiency with which a car or other equipment transforms chemical energy from fuel into kinetic energy or work is measured. A vehicle engine using a balancing shaft uses less fuel overall, which can assist in lowering CO2 emissions and increase fuel economy by minimizing engine vibration and friction. For instance, in April 2022, the U.S. Department of Transportation, a U.S.-based federal executive department, announced the new fuel economy standards which increase fuel efficiency by 8% annually for model years 2024-2025 and 10% for model year 2026. Therefore, the growing demand for fuel efficiency is driving the growth of the balance shaft market. Source:(https://www.transportation.gov/briefing-room/usdot-announces-new-vehicle-fuel-economy-standards-model-year-2024-2026) Hence, the increasing emphasis on fuel efficiency is driving the demand for balance shafts, as they play a crucial role in reducing engine vibration and friction, ultimately leading to lower fuel consumption and CO2 emissions, thus fueling the market's growth.

Growth in the automobile industry drives the balance shafts market

The market for balancing shafts is anticipated to develop in the future due to the expanding vehicle sector. The term "automotive industry" describes a collection of companies and establishments involved in the design, development, manufacture, and distribution of automobiles. Automobile balancing shafts are used to lessen vibration and enhance engine longevity, efficiency, and performance. Additionally, they can lessen engine noise and enhance passenger comfort. For instance, in June 2023, according to reports shared by the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, the sales of passenger cars in the UK increased by 25.8% from 140,958 units in 2022 to 177,266 units in 2023. Source:(https://media.smmt.co.uk/june-2023-new-car-registrations/) Furthermore, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), a Belgium-based lobbying and standards group for the automobile industry, the sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021 and over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Therefore, the growing automobile industry is driving the growth of the balance shafts market. Source:(https://www.acea.auto/publication/economic-and-market-report-state-of-the-eu-auto-industry-full-year-2021/) Hence, the growth of the automobile industry is propelling the balance shafts market forward, with these components being essential for enhancing engine efficiency, performance, and passenger comfort, thus aligning with the expanding needs of the automotive sector.

Restraint Factor for The Balance Shaft Market

...

The decades that followed the Second World War were among the most prosperous in modern history, and are referred to as the Golden Age of Capitalism in many countries. This period came to an end, however, with the 1973-1975 recession. Differences across the bloc Across the OECD member states, there was a significant drop in real GDP growth over the two decades, falling from an average of five percent annual growth in the 1960s to just 3.5 percent annually in most of the 1970s. Of all OECD countries shown here, Japan experienced the highest rate of real GDP growth in both decades, although it dropped from 11 to six percent between these years (Japan's real GDP growth was still higher in the 1970s than the other members' rates in the 1960s). Switzerland saw the largest relative decline over the two periods, with growth in the 1970s below one third of its growth rate in the 1960s. What caused the end of rapid growth? The Yom Kippur War between Israel and its Arab neighbors (primarily Egypt and Syria) resulted in the Arab oil-producing states placing an embargo on Israel's Western allies. This resulted in various energy and economic crises, compounded by other issues such as the end of the Bretton Woods financial system, which had far-reaching consequences for the OECD bloc. Additionally, the cost of agricultural goods and raw materials increased, and there was a very rare case of stagflation across most of the world's leading economies.

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Fast Fashion Market Size 2025-2029

The fast fashion market size is forecast to increase by USD 79.2 billion, at a CAGR of 11% between 2024 and 2029.

The market is experiencing significant growth, driven primarily by the increasing demand from burgeoning youth populations worldwide. This demographic seeks affordable, trendy clothing, making fast fashion an attractive option. Another key trend shaping the market is the rise in social media marketing. Brands are leveraging social media platforms to reach wider audiences and engage with customers, driving sales and brand loyalty. However, the market faces challenges as well. The availability of counterfeit fast fashion products poses a significant threat, as consumers are often unable to distinguish between authentic and fake items. This not only harms brand reputation but also undermines the industry's ethical standards.
Companies must invest in robust brand protection strategies to mitigate this risk and maintain consumer trust. In summary, the market is characterized by strong demand, innovative marketing strategies, and challenges related to counterfeit products. Companies seeking to capitalize on opportunities and navigate challenges effectively must stay agile, focus on brand protection, and maintain transparency with consumers.

What will be the Size of the Fast Fashion Market during the forecast period?

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The market continues to evolve, shaped by dynamic market dynamics and various sectoral applications. Omnichannel retailing and quality control are key focus areas, with data analytics playing a pivotal role in supply chain management and trend forecasting. Water consumption is a significant concern, leading to sustainability initiatives and resource efficiency. Promotional campaigns, sewing technology, and impulse buying drive sales, while dyeing and finishing techniques and printing methods add value. Retail partnerships and market penetration strategies expand reach, and supply chain disruptions necessitate effective logistics and distribution. Ethical sourcing and textile waste management are crucial components of the circular economy. Brands employ various pricing strategies, from online advertising to e-commerce platforms, to attract and retain customer loyalty.

Intellectual property protection and brand reputation management are essential in the face of counterfeit goods and labor practices scrutiny. The fast fashion landscape is ever-changing, with design trends and fabric technology shaping the industry's future.

How is this Fast Fashion Industry segmented?

The fast fashion industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Gender

  Female
  Male


Distribution Channel

  Offline
  Online


Product Type

  Apparel
  Footwear
  Accessories


Consumer Demographics

  Adults
  Teen
  Kids


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    UAE


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Gender Insights

The female segment is estimated to witness significant growth during the forecast period.

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The Female segment was valued at USD 53.30 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 53% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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In the dynamic North American market, the fast fashion sector continues to expand, fueled by a growing population, increasing disposable income, and shifting consumer preferences. The US and Canada remain key players, attracting numerous international companies with affordable offerings. Working women, in particular, are driving demand for trendy apparel. companies are catering to local tastes through customization and innovation. The market is fragmented, with significant growth anticipated in the US and Canada due to their expanding populations. Pattern making and garment construction are crucial aspects of fast fashion production, ensuring efficiency and quick turnaround times. Digital marketing and influencer partnerships have become essential strategies for reaching consumers and promoting brands.

Sustainability initiatives, such as recycling programs and water conservation efforts, are gaining traction, addressing concerns around the industry's environmental imp

As of April 2025, the inflation rate in the European Union was 2.4 percent, with prices rising fastest in Romania, which had an inflation rate of 4.9 percent. By contrast, both France and Cyprus saw low inflation rates during the same period, with France having the lowest inflation rate in the EU during this month. The rate of inflation in the EU in the October 2022 was higher than at any other time, with the peak prior to 2021 recorded in July 2008 when prices were growing by 4.4 percent year-on-year. Before the recent rises in inflation, price rises in the EU had been kept at relatively low levels, with the inflation rate remaining below three percent between January 2012 and August 2021. Rapid recovery and energy costs driving inflation The reopening of the European economy in 2021 following the sudden shock of COVID-19 in 2020 is behind many of the factors that have caused prices to rise so quickly in 2022. Global supply chains have not yet recovered from production issues, travel restrictions, and workforce problems brought about by the pandemic. Rising energy costs have only served to exacerbate supply problems, particularly with regard to the transport sector, which had the highest inflation rate of any sector in the EU in December 2021. High inflation rates mirrored in the U.S. The high inflation rates seen in Europe have been reflected in other parts of the world. In the United States, for example, the consumer price index reached a 40-year-high of seven percent in December 2021, influenced by many of the same factors driving European inflation. Nevertheless, it is hoped that once these supply chain issues ease, inflation levels will start to fall throughout the course of 2022.

The UK inflation rate was 3.6 percent in June 2025, up from 3.4 percent in the previous month, and the fastest rate of inflation since January 2024. Between September 2022 and March 2023, the UK experienced seven months of double-digit inflation, which peaked at 11.1 percent in October 2022. Due to this long period of high inflation, UK consumer prices have increased by over 20 percent in the last three years. As of the most recent month, prices were rising fastest in the communications sector, at 6.1 percent, but were falling in both the furniture and transport sectors, at -0.3 percent and -0.6 percent, respectively.
The Cost of Living Crisis High inflation is one of the main factors behind the ongoing Cost of Living Crisis in the UK, which, despite subsiding somewhat in 2024, is still impacting households going into 2025. In December 2024, for example, 56 percent of UK households reported their cost of living was increasing compared with the previous month, up from 45 percent in July, but far lower than at the height of the crisis in 2022. After global energy prices spiraled that year, the UK's energy price cap increased substantially. The cap, which limits what suppliers can charge consumers, reached 3,549 British pounds per year in October 2022, compared with 1,277 pounds a year earlier. Along with soaring food costs, high-energy bills have hit UK households hard, especially lower income ones that spend more of their earnings on housing costs. As a result of these factors, UK households experienced their biggest fall in living standards in decades in 2022/23. Global inflation crisis causes rapid surge in prices The UK's high inflation, and cost of living crisis in 2022 had its origins in the COVID-19 pandemic. Following the initial waves of the virus, global supply chains struggled to meet the renewed demand for goods and services. Food and energy prices, which were already high, increased further in 2022. Russia's invasion of Ukraine in February 2022 brought an end to the era of cheap gas flowing to European markets from Russia. The war also disrupted global food markets, as both Russia and Ukraine are major exporters of cereal crops. As a result of these factors, inflation surged across Europe and in other parts of the world, but typically declined in 2023, and approached more usual levels by 2024.

In 2024, Germany was the leading EU country in terms of population, with around 85 million inhabitants. In 2050, approximately 89.2 million people will live in Germany, according to the forecast. See the total EU population figures for more information. The global population The global population is rapidly increasing. Between 1990 and 2015, it increased by around 2 billion people. Furthermore, it is estimated that the global population will have increased by another 1 billion by 2030. Asia is the continent with the largest population, followed by Africa and Europe. In Asia,the two most populous nations worldwide are located, China and India. In 2014, the combined population in China and India alone amounted to more than 2.6 billion people. for comparison, the total population in the whole continent of Europe is at around 741 million people. As of 2014, about 60 percent of the global population was living in Asia, with only approximately 10 percent in Europe and even less in the United States. Europe is the continent with the second-highest life expectancy at birth in the world, only barely surpassed by Northern America. In 2013, the life expectancy at birth in Europe was around 78 years. Stable economies and developing and emerging markets in European countries provide for good living conditions. Seven of the top twenty countries in the world with the largest gross domestic product in 2015 are located in Europe.

In 1820, the islands of present-day New Zealand had a population of approximately 100,000 people. This figure would fall until the early 1840s, partly as a result of European diseases brought by colonizers, and a series of destructive inter-tribal wars among the Māori peoples. These conflicts were named the Musket Wars due to the European weapons whose introduction instigated the conflicts, and the wars saw the deaths of between 20,000 and 40,000 Māori, from 1807 to 1837. After falling to just 82 thousand in the 1840s, the population would begin to rise again in 1841 following the establishment of New Zealand as an official British colony, with a strong promotion of European settlement by British citizens sponsored by the Church of England. European migration to New Zealand was low in these early decades, but increased in the mid-19th century, particularly following the discovery of gold in New Zealand’s South Island in the 1860s. This growth would continue throughout the 1870s, in part the result of a strong promotion of mass migration from Britain by Premier Julius Vogel’s administration.

Early 20th century However, between 1881 and the 1920s, the New Zealand government heavily restricted Asiatic migration to the islands, resulting in a fall of population growth rate, which would remain until the Second World War. The country would experience a dip in population during the First World War, in which New Zealand would suffer approximately 18,000 military fatalities, and another 9,000 lost to the coinciding Spanish Flu epidemic. The population would stagnate again in the Second World War, which resulted in the death of almost 12,000 New Zealanders. In the years following the war, New Zealand would see a significant increase in population due to the mixture of a baby boom and a migrant spike from Europe and Asia, following a large demand for unskilled labor. Recent decades This increase continued for several decades, until international factors, such as the oil crises of 1973 and 1979, and the UK's accession to the European Economic Communities (which ended most of New Zealand's trade agreements with Britain; it's largest trade partner), greatly weakened New Zealand's economy in the 1970s. As a result, population growth stagnated during the 1970s, while economic problems persisted into the early 2000s. In contrast, the Great Recession of 2008 did not impact New Zealand as severely as most other developed nations, which allowed the economy to emerge as one of the fastest growing in the world, also leading to dropped unemployment levels and increased living standards. In 2020, with a population of almost five million people, New Zealand is regarded as one of the top countries in the world in terms of human development, quality of life and social freedoms.