For which of the four largest euro-zone countries can we be most optimistic?

The degree of optimism about the economic outlook for each of the four largest euro-zone countries depends on: Their demographics, including immigration; Their productivity gains and their investment and R&D spending; The effort they will have to make to achieve the energy transition; The level of education of youth and adults and their ability to increase the employment rate; Their fiscal space. When we take these different criteria into account, we conclude that the country that should give rise to the most optimism is still Germany, despite its demographics and the difficulties of its energy transition, but given its performance in terms of employment rates, research, education and skills.