International Economics Olympiad

The Olympiad was first held in 2018 in Moscow, Russia, with participation from 13 countries.^[1][2] The number of countries increased significantly at the second edition in 2019 in Saint Petersburg.^[3][4]

In 2020, when the COVID-19 pandemic disrupted most international educational events, the IEO moved to an online format.^[5] Organizers introduced a system of remote supervision using 360-degree video and screen-sharing tools to maintain exam integrity. The program continued to include social and cultural activities in virtual form, and this online model was later adopted by several national competitions. The 2021 Olympiad was again conducted online, hosted virtually by Latvia.^[6]

From 2022 onward, the IEO began a gradual return to on-site events — initially through a regional gathering held in Turkey during the competition hosted by Shenzhen, China,^[7] and later through official in-person participation in Volos, Greece, in 2023.^[8]

In 2023, the IEO International Board approved several organisational changes. The Finance component was revised, replacing the interactive investment simulator with a multiple-choice financial literacy test. The Board of Trustees was reorganized into an Advisory Board joined by prominent economists, including Eric Maskin, Daron Acemoglu, and N. Gregory Mankiw.

Subsequent events were hosted by Shenzhen, China (2022); Volos, Greece (2023); Hong Kong, China (2024); and Baku, Azerbaijan (2025).^[9][10]

The next edition is planned for Suzhou, China, in 2026.^[11]

The IEO consists of three main parts:^[12]

• Economics: an individual written exam assessing knowledge of economic theory and analytical reasoning;
• Finance: an individual test focusing on personal finance and quantitative decision-making;
• Business Case: a team round where students analyse a real-world economic or business problem and present solutions.

Tasks are prepared by international academic committees and assessed by an independent jury. The official language of the Olympiad is English.

Each country is represented by one national team consisting of up to five students and one or two team leaders. Teams are selected through national competitions orginised by the sending organisations in each country or territory, whose application was approved by the IEO Executive Board.^[13] As of 2025, over 50 countries and territories have taken part in the Olympiad.^[10]

Awards at the IEO are based on the combined results of all three parts of the competition. Individual contestants may receive gold, silver, or bronze medals, which are awarded by the International Board following recommendations from the Jury; the total number of medals cannot exceed half of all invited participants. Teams are ranked separately, and gold, silver, and bronze statuettes are given for overall team performance according to a scoring formula defined in the official syllabus. The Jury may also grant special prizes or certificates for exceptional performance in a specific task or round. All contestants and team leaders receive certificates of participation.^[12]

Year	Gold Team Trophy	Silver Team Trophy	Bronze Team Trophy	Absolute Winner
2018	Latvia	Russia	Brazil, Kazakhstan	Vairis Stramkalis
2019	Brazil	China	China	Andrew Pei
2020	Brazil	Indonesia	Russia	Alexander Lutsenko
2021	Brazil	Canada	United States	Andy Wei
2022	United States	Brazil	Canada	Martin Thaw
2023	Brazil	Indonesia	Canada	Daniel Zhang
2024	Singapore	Taiwan	Russia	Pathak Pranav
2025	Singapore	Canada	China, Russia	Marcus Cheong , Spencer Ong

Economists including Nobel laureates Eric Maskin and Daron Acemoglu have appeared as guest speakers during the Olympiad’s academic program.^[14][15]