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    World

    Greek economy experiences growth

    Greek economy experiences growth

    After many years of a severe financial crisis, Greece has become one of the countries demonstrating good economic performance. Its growth is significantly higher than the European average.

    Photo: Greek Prime Minister Kyriakos Mitsotakis’ New Democracy party cut taxes, raised the minimum wage, boosted pensions, and lured foreign investment
    Source: Barron's

    The state is striving to maintain the momentum, even though the overall European economic climate is no longer favourable.

    Elias Lekkos, Piraeus Bank Group: 

    "Even with conservative estimates, we expect Greek economic growth in 2023 to be at least 2.5%. Personally, I believe that Greek economic growth will be close to 3%, while the average growth in the Eurozone will be around 0.5%. Greece starts from a low level and has all the financial instruments and opportunities to achieve positive changes compared to other Eurozone countries."

    Simela Tukhtidou, Euronews: 

    "The recent elections in Greece have led to the formation of a strong government that intends to continue the path of reforms and budgetary savings. This fact is expected to play a decisive role in Greece's return to the club of reliable creditors."

    Federico Salazar, Fitch expert: 

    "Political dynamics are a factor we monitor for all ratings. We have to take that into account. If you look across European countries, you will see coalition governments in many places. Some of them collapse, some are weak. Only very few governments have a strong single-party majority that helps implement the policies of the cabinet. And in this case, Greece has such a majority."

    Analysts note that Greece has an advantage as its economy is oriented towards tourism and the service sector. Countries heavily reliant on manufacturing, such as Germany, face much greater challenges.

    12.07.2023, 11:37   Comments (0)   743
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