Posted 10/1/2023, 6:35:00 PM

Greece's Economic Comeback: Booming Growth, Lower Unemployment, and Renewed Investor Confidence After Years of Struggle

Greece's economy is booming after years of financial struggle, with growth twice the eurozone average.
Unemployment has dropped from 28% to 11% in the last decade.
Tourists spent over $20 billion in Greece this past summer.
Major corporations like Microsoft are investing in Greece again.
Credit rating agencies like Moody's and DBRS Morningstar have upgraded Greece's ratings, reflecting the economic turnaround.

newser.com

Relevant topic timeline:

8/19/2023

Report praises new economic model for Greece

### Summary In its latest report on Greece, HSBC highlights the country's major reform story, emphasizing the shift towards exports and investments for a more sustainable economy. ### Facts - 💼 Greece's economic model has undergone significant changes, with a greater focus on exports and investments. - 📈 The country's economic prospects are now more promising and sustainable compared to the past. - 🇪🇺 The report discusses Greece's debt crisis, which resulted from loose fiscal policies, leading to an explosion in domestic demand and a subsequent increase in borrowing costs and debt. - 💵 As a member of the eurozone, Greece was unable to depreciate its currency, so it had to achieve competitiveness by decreasing wages. - 📉 Initially, keeping wages low contributed to deflationary trends and a decline in the economy, leading to high unemployment rates. - 📈 However, Greece has experienced a boost in exports, narrowing the balance of payments gap and achieving historical highs in investment and foreign direct investment (FDI). - 💪 Faster growth, driven by exports and investments, will contribute to a quicker reduction of the debt, which benefits from a long maturity and low interest rates due to a deal with creditors. - 💡 The report emphasizes that Greece's economic model is no longer solely dependent on fiscal policy.

8/19/2023

Report praises new economic model for Greece

Greece's economic model has undergone a significant reform, with increased emphasis on exports and investments, leading to better and more sustainable prospects for the economy, according to HSBC's latest report.

8/22/2023

Record tourism revenue in year’s first half

Tourism revenue in Greece is on track to exceed €20 billion this year, surpassing the record set in 2019, with first-half revenue reaching €6.174 billion, a 14.1% increase from the same period in 2019.

Posted 10/1/2023, 6:35:00 PM

Greece's Economic Comeback: Booming Growth, Lower Unemployment, and Renewed Investor Confidence After Years of Struggle

Greece's economy is booming after years of financial struggle, with growth twice the eurozone average.
Unemployment has dropped from 28% to 11% in the last decade.
Tourists spent over $20 billion in Greece this past summer.
Major corporations like Microsoft are investing in Greece again.
Credit rating agencies like Moody's and DBRS Morningstar have upgraded Greece's ratings, reflecting the economic turnaround.

newser.com

Relevant topic timeline:

8/19/2023

Report praises new economic model for Greece

8/19/2023

Report praises new economic model for Greece

8/22/2023

Record tourism revenue in year’s first half