Although Greece was on the brink of insolvency around nine years ago, it is now one of Europe's growth regions. This is mainly due to effective reforms and political stability.
In this special report we explore the country's macroeconomic conditions, including its labour market and rebounding tourism, to explain why Greece's growth could outpace the rest of the eurozone over the coming years.
- Since the financial and sovereign debt crisis, Greece has increased its competitiveness through a series of reforms.
- Thanks to the early repayment of aid loans, Greece was able to reduce its debt ratio from 206% of GDP in 2020 to 166% in Q2 2023. Several rating agencies upgraded Greece to investment grade rating in 2023.
- Greece has the potential to further transform and strengthen its economy. However, political challenges linked to reform implementation remain.