x

Economy

Fitch Revises Greece’s Growth Forecast to 4.3%

ATHENS — Fitch Ratings agency affirmed Greece's rating as 'BB' with a stable outlook late on Friday (Athens time).

In a report from Frankfurt, the ratings agency said, "Greece's ratings reflect weak medium-term growth potential, still very high levels of non-performing loans (NPL) in the banking sector and very large stocks of general government and net external debt. These weaknesses are balanced by high income per capita levels that far exceed both the 'BB' and 'BBB' medians, and governance scores above most sub-investment grade peers'."

Its 'stable outlook', it said, "reflects our view of the sustainability of Greece's public finances, even after the severe shock to the economy and public finances from the pandemic, and in spite of material risks to the economic outlook."

Fitch also said it had revised its forecast for real GDP growth this year to 4.3% from 3%, on the basis of the first quarter of 2021 results and a less negative carry-over effect from 2020.

"We expect the economy to recover further in 2022, and expand 5.3%, with the deployment of the Next Generation EU (NGEU) funds gathering pace and providing an uplift to real spending over the course of the whole year. The 2022 GDP growth forecast is a marked downward revision from our previous review due to a smoother assumed path for the use of NGEU funds and a lower carryover effect from 2021. For 2023 we expect above-trend GDP growth of 3.5%," it said.

RELATED

ATHENS - Amid complaints that letting rich foreigners qualify for Greek Golden Visas by buying property has dried up supplies and driven up rents and purchase prices, more investors want to take advantage of putting money in bank deposits.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

1 of 2 Abducted Louisiana Children is Found Dead in Mississippi after Their Mother is Killed

JACKSON, Miss. (AP) — A Louisiana woman was found dead in her home Thursday, and her two young daughters were abducted and found hours later in Mississippi — one dead and the other alive, police said.

Licensing your intellectual property rights (IP) to a third-party as an additional source of revenue through the commercial exploitation of your IP or for expansion purposes can be an effective strategy to grow your business and extend your reach.

Cyprus and the European Parliament weren’t ready for Fidias Panayiotou, who had no qualifications to run for a seat in the 720-member body, which made him more qualified than most of the people in there.

To the Editor: Greeks are well aware that U.

Joseph Kenworthy was a British member of parliament who disliked and distrusted prime minister David Lloyd George’s Near East foreign policy and support of the Greeks.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.