Podcast Summary

Podcast: Economist Podcasts
Episode: Boom with a view: our economy of the year
Date: December 30, 2025
Host: Jason Palmer
Guests/Contributors: Callum Williams (Senior Economics Writer), Shailesh Chitnas (Global Business Writer), Charlotte Kilpatrick

Episode Overview

This edition of "The Intelligence" delivers a wide-ranging insight into the global economic landscape of 2025, focusing on The Economist’s annual “Economy of the Year” ranking. The episode explores which countries excelled and lagged in economic performance, what drove these outcomes, and the wider implications for policy and society. Additionally, the episode features in-depth looks into the overlooked Dalit cuisine of India and the renaissance of London’s river transport.

1. Economy of the Year 2025: Winners, Losers, and Lessons

[02:15] Introduction to the Economic Rankings

• Jason Palmer introduces the key topic: evaluating the world’s economies in 2025, emphasizing that beneath average growth figures, there is significant country-level variation.
• Callum Williams outlines The Economist’s methodology for the “Economy of the Year” award.

"Our Economy of the Year ranking is composed of five different indicators: that's inflation, inflation breadth, GDP growth, employment growth, and share price growth. We rank as many rich countries as we can on these and combine the scores."
— Callum Williams [02:53]

Ranking Criteria Explained

• Inflation: Standard consumer price increases.
• Inflation breadth: Share of goods/services with price rises above 2%—captures how widespread price increases are.
• GDP Growth, Employment, Stock Market: Measures of economic output, job creation, and market confidence.

[03:45] Key Findings: Who Won and Why?

• Best Performer: Portugal, narrowly ahead of Ireland.
• Why Portugal?
  • Strong tourism rebound and sustained international migration due to favorable tax policies.
  • Continued post-2008 crisis recovery.
  • Moderate inflation management, and robust stock market performance.

"Portugal is the winner. Tourism’s doing very well, you’ve had a lot of people moving there from abroad...inflation's been kept under control, the stock market is doing pretty well...It’s been an overall very successful year."
— Callum Williams [03:51]

• Trend Alert: A Southern European boom — Spain (2024) and Greece (2022 & 2023) previously topped the list.

[04:32] At the Bottom: Who Struggled?

• Bottom Performers: Estonia, Finland, Slovakia, with Britain and Germany also trailing.
• Major Factor: Lingering impact of the 2022 energy price shock due to heavy dependency on Russian gas.

"Countries that were highly exposed to Russian gas…those were the ones that have done badly for quite a few years."
— Callum Williams [05:11]

[05:44] Deep Dive: Individual Indicators

Inflation

• Near-Target (2%): Best scenario.
• Turkey: Still struggling with high inflation despite recent improvement.
• Britain, America: Inflation remains stubborn, partially due to fiscal policy and tariffs.
• Sweden: 0% inflation, but call for caution as it can trigger deflationary problems.

"When you have negative inflation, people start to hold back on spending…you really don’t want to have deflation. 0% inflation is not a great thing."
— Callum Williams [06:32]

Growth & Employment

• Ireland, Portugal, Greece: Positive outliers with robust GDP and employment growth.
• Jobs: Labour market generally healthy, rare isolated negative growth (e.g., South Korea).
• Risks: Small shifts in job growth can trigger broader downturns.

Stock Markets

• Surprise Winner: Israel's stock market outperformed all others.
• US Market: Good but not exceptional in a global context.
• Denmark: Dragged down by pharma giant Novo Nordisk’s correction.
• Portugal: Stock market rose over 20%, consistent with a historical trend for “Economy of the Year” winners.

"We are not offering any investment recommendations but it's worth thinking about."
— Callum Williams [09:44]

Projection for 2026

• Top contenders in 2025 often remain high performers the following year, based on a 5-year pattern.

2. [11:21] Dalit Cuisine: India’s Overlooked Culinary Gem

Reporter: Shailesh Chitnas

The Story

• Dalits ("untouchables"): Once the lowest in India's caste system, comprise ~20-25% of the population.
• Their cuisine is distinct, rooted in history, resourcefulness, and social exclusion.
• Village cooking: Unfamiliar ingredients, prepared over fire stoves, often outside modern kitchens.

"There’s this whole other set of Indian cuisine that a lot of people may not have heard of, and this is called Dalit cuisine."
— Shailesh Chitnas [11:21]

Cultural and Social Context

• Upper castes shunned Dalits, both socially and culinarily, branding their food as “inferior.”
• Cuisine emerged from necessity—using what was available, often dismissed animal parts or forbidden meats.
• Landmark book by Shahu Patole documented Dalit recipes for the first time in 2014; only after English translation in 2020 did it gain wider recognition.

"Their food has gone unnoticed until now. This cuisine evolved from scarcity, them not getting access to different resources."
— Shailesh Chitnas [13:01]

Contemporary Issues

• Hesitation and shame within Dalit communities about showcasing their food due to historic stigma.
• Young Dalits now seek to reconnect with culinary heritage.
• Meat and Politics: Current government (BJP)’s Hindu nationalism ties vegetarianism to identity, further politicizing and restricting Dalit food culture.

Personal Reflections

• Shailesh Chitnas: "I grew up in India… but I never knew about this cuisine…hopefully now more people can know about it, we can celebrate it, and we can bring it into regular Indian cuisine." [16:57]

3. [19:02] London’s River Renaissance: Commuting on the Thames

Reporter: Charlotte Kilpatrick

Scene Setting

• The hosts board the “Uber Boat by Thames Clippers” at Canary Wharf, discussing the river’s historic and current role in London commuting.
• River traffic is at its highest since Victorian times—over 5 million river journeys in 2024, up 23% since the pandemic.

Historical Perspective

• Thames watermen once restricted the spread of bridges to protect their trade, explaining the under-bridged history of the Thames.

"Back in the Tudor times...the watermen lobbied together to make sure no bridges were built so they could stay in business."
— Charlotte Kilpatrick [19:39]

The Commuter Experience

• Onboard atmosphere: coffee, pastries, city views—a more pleasant alternative to London's congested tube.
• Drawbacks: High cost (3x more than the tube), infrequent timings (every 20–30 minutes vs. four-minute intervals in Victorian days).
• Green Future: Upcoming fully-electric ferry route aims to make Thames transport more sustainable.

"This is a much more enjoyable way to travel than being stuck in the tube...But the price is a problem and also the timing."
— Charlotte Kilpatrick [20:23, 23:08]

Outlook

• While ridership rises, river boats unlikely to supplant trains or tubes soon—but could see steady growth if perceived as a premium, comfortable option.

4. Notable Quotes & Memorable Moments

• Callum Williams [03:51]:

  "Portugal is the winner. Tourism’s doing very well...inflation's been kept under control, the stock market is doing pretty well..."

• Callum Williams [05:11]:

  "Countries that were highly exposed to Russian gas…those were the ones that have done badly for quite a few years."

• Callum Williams [06:32]:

  "0% inflation is not a great thing…you really don’t want to have deflation."

• Shailesh Chitnas [11:21]:

  "There’s this whole other set of Indian cuisine that a lot of people may not have heard of, and this is called Dalit cuisine."

• Charlotte Kilpatrick [19:39]:

  "Back in the Tudor times...the watermen lobbied together to make sure no bridges were built so they could stay in business."

5. Timestamps of Key Segments

• [02:15] Economy of the Year ranking and methodology
• [03:45] Top and bottom performers, Portugal’s success
• [05:44] Indicator-by-indicator breakdown: inflation, growth, jobs, stock markets
• [11:21] Dalit cuisine: social history, significance, and future
• [19:02] Commuting on the Thames: history, present, and what’s next

Tone of the Episode:
Analytical, conversational, thorough—typical of The Economist’s intelligent yet accessible journalism. The reporting is insightful with touches of human experience, and nuanced without shying away from societal issues.

Ideal for listeners who want:

• A concise but comprehensive year-end economic review
• Insights into overlooked cultural phenomena
• A slice of urban life and transit innovation