Greece | Two years of debt reduction and increased investment

Greek growth is well above the European average.

Elias LykosHead of Economic Analysis Department, Bank of Piraeus Group:“Even with very conservative estimates, we expect the Greek economy to grow by at least 2.5% in 2023. Personally, I think that Greek growth will be close to 3%, while the average growth in the eurozone will be close to zero. 5% Greece starts from a low level and has all the financial tools and all the opportunities to make a positive difference compared to the rest of the Eurozone economies.

Simila TachidoEuronews’ correspondent in Athens explains: “The recent elections in Greece have resulted in the emergence of a strong government committed to continuing the path of reforms and fiscal prudence. A fact that is expected to play a decisive role for the main creditor agencies and return Greece to the ‘club’ of reliable creditors.”

Federico SalazarFitch Ratings Analyst: “Political dynamics is a factor that we watch for all ratings. And we have to take that into account. When you look at any country and in many places in Europe, you have multiple coalition parties (governments). Some are collapsing, some are collapsing weak. And there are very few, a number. Very few governments with a solid one-party majority help put that government’s policies into action. In this case, Greece does.”

Analysts from rating agencies have noted that Greece benefits from being a service-oriented economy, with tourism at its core.

By contrast, European countries such as Germany that rely heavily on manufacturing are under much greater pressure.