The Times speaks of the Greek economy with flattering words for managing to stand on its feet again after ten years of recession.
The article, hosted by one of the largest media outlets in Europe, is noting that after the adventures with the debt crisis and the painful rescue programs from the International Monetary Fund and European creditors from 2010 to 2018, “things are now improving” and “the Greek economy is among the fastest growing in the European Union over the past three years, achieving growth rates of 8.4% in 2021, 5.9% in 2022, and 2.1% in 2023.”
The Times report that “unemployment, which reached historic highs of 27.2% in 2013, has now fallen to 10%, while the non-performing loan rate in Greek banks has dropped to 7%. Moreover, Greek bonds, which were considered ‘junk’ for over a decade, have recently been upgraded to investment grade by three out of the four major rating agencies. Moody’s is the only one that has not yet upgraded, but there is a belief that it will do so soon, based on further reforms in the judiciary.”
At another point in the report, it is mentioned that today Greece ranks in the top ten countries globally in terms of renewable energy installation, while at the same time, the pharmaceutical industry and the agri-food sector, along with traditionally developed sectors of the economy such as shipping and tourism, have equally positive performances.
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The Times also highlights tourism, noting that arrivals increased by 17% to 32 million in 2023 compared to 2022, and the current forecasts “indicate” record performance for this year. “Athens has become a destination in itself, much more than a transit point to the islands. Its museums have been improved, and its restaurants and bars have become more sophisticated, benefiting from the economic recovery,” the outlet notes, adding that the prospects for the real estate market are also promising, “which has been strong over the past three years,” according to market factors.