GLOBAL COMPARISON

Nine economies on one scale

The same five official figures, rebuilt so the comparison actually holds — then ranked against the same 148 . Every line here means the same thing.

What stands out now

  • South Korea leads at 95.3.
  • Canada and Euro Area are level at the bottom (39.9, 38.5).
  • 6 of 9 selected markets sit above the historical median.
Fromto
MARKETS (9 of 9 shown)
1. Composite MMAI score over timeAnnual
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2. EXPLORE BY DIMENSION

Where each economy is strong, and where it is not

Each line is that dimension’s rank against the same 148 market-years the headline uses. Switch to the raw view for the underlying indicator on its own units.

Conditions — rank against history (0–100)
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3. HOW EACH MARKET IS POSITIONED

Inflation against policy rate

Drag the slider to move through the selected year range and watch each market's position change. Same markets and years as above.

20192020202120222023202420252026
2026
-1.14.410.0-1.12.45.9Inflation (%)Policy rate (%)United States — 2026: Inflation (%) 3.7, Policy rate (%) 3.6Euro Area — 2026: Inflation (%) 3.3, Policy rate (%) 2.3Canada — 2026: Inflation (%) 3.0, Policy rate (%) 2.3United Kingdom — 2026: Inflation (%) 2.9, Policy rate (%) 3.8Japan — 2026: Inflation (%) 2.0, Policy rate (%) 1.0Australia — 2026: Inflation (%) 3.5, Policy rate (%) 4.3Sweden — 2026: Inflation (%) 0.7, Policy rate (%) 1.8Norway — 2026: Inflation (%) 3.3, Policy rate (%) 4.3South Korea — 2026: Inflation (%) 3.1, Policy rate (%) 3.0
United States(3.7, 3.6)Euro Area(3.3, 2.3)Canada(3.0, 2.3)United Kingdom(2.9, 3.8)Japan(2.0, 1.0)Australia(3.5, 4.3)Sweden(0.7, 1.8)Norway(3.3, 4.3)South Korea(3.1, 3.0)

4. GOVERNMENT DEBT

What each government owes, against the size of its economy

Debt is easier to carry when the economy behind it is larger, so it is shown as a share of GDP rather than in currency. Quarterly, and not part of the MMAI score.

Credit to general government, % of GDP2026-Q1
Japan175.6%
United States110.8%
Canada97.1%
United Kingdom86.5%
Euro Area85.6%
FI83.7%
Australia51.1%
Norway48.6%
South Korea44.9%
Sweden34.1%
DK25.1%

A high number is not automatically a bad one. Japan owes the most here by a wide margin and borrows at some of the lowest interest rates in the world, because it owes almost all of it in its own currency to its own savers. What matters is who the lender is and what the debt costs to service — which is why this figure sits beside the MMAI score rather than inside it.

Source: Bank for International Settlements, credit to general government from all sectors at market value, adjusted for breaks. BIS publishes no equivalent series for the Gulf states.

MMAI is a percentile rank (0–100) against 148 market-years of the same six economies, built from three equally weighted dimensions. A higher score means a more supportive macro backdrop. Not investment advice.How MMAI is calculated →