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The Fastest-growing European Countries 2020–2024 to Target for Business

As a professional language services provider, it’s only natural to want our clients to make informed decisions about which overseas markets to target.

So, are you contemplating your next European marketing campaign?

If the answer to the above question is a resounding yes, sí, oui, sim or ja (we could continue), you might be interested to learn which European economies are forecast to grow over the coming years.

Duly, having done a spot of research, here’s our breakdown of the fastest-growing countries heading into the 2020s.

European Commission’s Economic Forecast

Where to look for reliable information about Europe’s growth prospects? The European Commission’s European Economic Forecast for Autumn 2019 is a great place to start. Here’s their real GDP growth figures from the report for 2019, 2020 and 2021.

European Countries Ranked by Average Forecasted Real GDP Growth, 2019–2021 (%)

Source: European Economic Forecast Autumn 2019, European Commission.

Country

2019

2020

2021

Avg

Malta
5.0
4.2
3.8
4.3

Ireland

5.6
3.5
3.2
4.1

Romania

4.1
3.6
3.3
3.7

Poland

4.1
3.3
3.3
3.6
Hungary
4.6
2.8
2.8
3.4

Bulgaria

3.6
3.0
2.9
3.2
Lithuania
3.8
2.4
2.4
2.9

Slovenia

2.6
2.7
2.7
2.7

Slovakia

2.7
2.6
2.7
2.7
Luxembourg
2.6
2.6
2.6
2.6
Estonia
3.2
2.1
2.4
2.6
Cyprus
2.9
2.6
2.3
2.6
Croatia
2.9
2.6
2.4
2.6
Latvia
2.5
2.6
2.3
2.5
Czechia
2.5
2.2
2.1
2.3
Greece
1.8
2.3
2.0
2.0
Portugal
2.0
1.7
1.7
1.8
Denmark
2.0
1.5
1.6
1.7
Spain
1.9
1.5
1.4
1.6
UK
1.3
1.4
1.4
1.4
Netherlands
1.7
1.3
1.3
1.4
Austria
1.5
1.4
1.4
1.4
Finland
1.4
1.1
1.0
1.2
Sweden
1.1
1.0
1.4
1.2
Belgium
1.1
1.0
1.0
1.0
Germany
0.4
1.0
1.0
0.8
Italy
0.1
0.4
0.7
0.4

Euro area

1.1
1.2
1.2
1.2
EU27
1.4
1.4
1.4
1.4
EU
1.4
1.4
1.4
1.4

The report contains a range of insightful predictions and analysis; on the whole, it notes that ‘the solid performance of the labour market has helped to sustain private consumption and domestic demand’. Although unlikely to be powered to a ‘higher trajectory’ (and slightly revised downwards from previous reports), ‘GDP should continue to grow’.

The EU is forecast to average 1.4% of GDP growth per year, with standout growth countries mostly in eastern Europe. Ireland, Greece, Portugal and Spain are all forecasting strong growth, as are France, The Netherlands and Austria.

In fact, there are no countries that aren’t forecast to grow. Good news for investors!

Next report, s’il vous plaît!

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The IMF’s World Economic Outlook — The Fastest-growing European Countries, 2020–2024

More clues to the fastest-growing European countries to target for business lies in the IMF’s World Economic Outlook figures. Here’s the story their data tells...

European Countries Ranked by Average Forecasted Real GDP Growth (%), 2020–2024

Source: World Economic Outlook, IMF.

Country

2020

2021

2022

2023

2024

Avg

Albania

44
4
4
4
4
Kosovo
444444
Serbia
444444
Moldova
3.8
3.8
3.8
3.8
3.8
3.8
Malta
4.3
3.7
3.5
3.3
3.2
3.6
North Macedonia
3.4
3.2
3.3
3.4
3.5
3.4
Romania
3.5
3
3333.1
Ukraine
3
3.1
3.2
3.3
3.3
3.1
Ireland
3.5
3.1
2.9
2.7
2.7
3
Bulgaria
3.2
3
2.8
2.8
2.8
2.9
Latvia
2.8
2.9
3332.9
Montenegro
2.5
2.9
3.2
3.2
2.9
2.9
Bosnia and Herzegovina
2.6
2.6
2.8
2.9
3
2.8
Estonia
2.9
2.8
2.8
2.8
2.8
2.8
Hungary
3.3
2.9
2.6
2.4
2.2
2.7
Poland
3.1
2.7
2.5
2.5
2.5
2.7
Slovak Republic
2.7
2.7
2.7
2.7
2.5
2.7
Luxembourg
2.8
2.7
2.6
2.6
2.6
2.7
Cyprus
2.9
2.7
2.6
2.5
2.5
2.6
Czech Republic
2.6
2.6
2.5
2.5
2.5
2.5
Lithuania
2.7
2.5
2.4
2.3
2.3
2.4
Slovenia
2.9
2.7
2.3
2.2
2.1
2.4

Croatia

2.7
2.5
2.3
2.1
2
2.3
Sweden
1.5
2.1
2221.9
Iceland
1.6
2221.91.9
Russian Federation
1.9
221.9
1.8
1.9
Norway
2.4
1.6
1.6
1.7
1.7
1.8
Spain
1.8
1.7
1.7
1.6
1.6
1.7
Austria
1.7
1.6
1.5
1.5
1.5
1.6

Denmark

1.9
1.7
1.6
1.5
1.5
1.6
Switzerland
1.3
1.6
1.6
1.6
1.6
1.6
United Kingdom
1.4
1.5
1.5
1.5
1.5
1.5
Netherlands
1.6
1.5
1.5
1.5
1.5
1.5
Portugal
1.6
1.5
1.5
1.5
1.5
1.5
Finland
1.5
1.5
1.4
1.3
1.3
1.4
France
1.3
1.3
1.4
1.4
1.4
1.4
Greece
2.2
1.7
1.3
0.9
0.9
1.4
Germany
1.2
1.4
1.3
1.2
1.2
1.3
Belgium
1.3
1.3
1.3
1.4
1.4
1.3
Italy
0.5
0.8
0.7
0.6
0.6
0.6
San Marino
0.7
0.6
0.5
0.5
0.5
0.6
Belarus
0.3
0.1
0.1
0-0.4
0

According to the IMF, the general outlook for the European continent is a positive one. Indeed, judging by the forecasted growth figures, Europe is set to grow steadily through the first four years of the 2020s.

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Europe’s economy into the 2020s: A more industry-specific economic outlook

Which sectors, and which countries are forecast to boom? We’ve cast our eyes over PWC’s European Economic Outlook 2018–2022 and pulled out some of the most important findings...

Austria, Germany and The Netherlands are earmarked as Europe’s ‘high performers’ in recent years and heading into the future. Here’s why:

  • Germany — Domestic consumption is set to drive further economic growth.
  • Austria — Government reforms to increase productivity are poised to boost Austria’s medium-term growth prospects.
  • The Netherlands — Government investment, private consumption and strong net trade form part of a broad-based economy with solid growth forecasts.

PWC’s report also highlights several ‘boom areas’; these include technology, media & entertainment, services and financial services. The report also singles out consumer markets, industrial manufacturing and automotive as the key industries driving growth.

More generally, PWC predicts that Europe’s ‘positive economic trend is set to continue’. With the Eurozone well into its recovery and now flourishing, they forecast that ‘consumer spending is expected to continue to grow’. Although GDP growth is predicted to slow down from its heady height of 2.1%, there is a solid economic outlook for the European continent.

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Concluding: Europe’s growth forecasts heading into 2020

Yes, we think that’s probably the best word to use to describe Europe’s growth forecasts for 2020 onwards — solid. Although prospects are somewhat dampened compared to previous growth forecasts, European consumers are spending more and more and economies are gradually expanding.

Eastern European countries are among some of the fastest forecasted growers, with Ireland, Greece and the Scandinavian countries also up there. Growth in the major European economies (France, Germany, Spain) is not to be sniffed at, either. So why not grab a slice of this steadily-growing European pie? There’s cautious optimism in the air…

Quite naturally, the next question is ‘how do I roll my products/services out to European audiences?’. Here’s where we, Alexika, come in…

Looking to grow your business in Europe?

If you want to secure business in European countries, localising information about your products and services is essential. In fact, we’ve actually written a whole blog post about all the incredible reasons to translate your content.

We like to think that we know a thing or two about helping clients to succeed overseas, too. Since 1998, we’ve been translating all manner of material to and from Europe’s many fascinating languages, helping companies like yours to market their message overseas.

Our friendly team of language experts would be delighted to hear about your translation needs and requirements — get in touch.

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Note: All figures are accurate at the time of writing (November 2019).