I know someone who has called it “The Ecommunist” for 20 years, so not everybody has the opinion that is is prestigious, but some see it as elitist.

Calling the Economist anything resembling "leftist" is emblematic of the psychosis in the system. The Economist is what the Wall Street Journal was before Murdoch bought it: Focused on encouraging long term thinking, gains, and wisdom, while reporting on the short term trends. The Economist is the absolute embodiment of the old man and the kid joke from the Sopranos:

The investor: "Hey dad, let's run down this hill and fuck that cow!"

The Economist: "Be patient, son. Let's walk down this hill and fuck 'em all."