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Economy

Greek Economy Upgraded: S&P Signals Growth & Reform

ATHENS – S&P credit rating agency upgraded Greece’s outlook to ‘positive’ from ‘stable’ on Friday, April 19, 2024 while maintaining the investment-grade rating of BBB-.

The shift in outlook reflects S&P’s confidence in Greece’s ongoing adherence to a stringent fiscal regime, resulting in a steady reduction of public debt, alongside expectations for continued growth outpacing the eurozone average.

Key highlights from the rating agency include Greece’s implementation of comprehensive infrastructural reforms despite long-term constraints, its surpassing of the average Eurozone growth rate, and the sustained decline of its once-high net public debt-to-GDP ratio.

National Economy & Economics Minister Kostis Hatzidakis hailed the upgrade as a testament to Greece’s fruitful efforts. He emphasized that amidst constant skepticism, Greece has achieved remarkable milestones over the past five years, including a surge in exports, record foreign investments, significant reduction in unemployment by seven percentage points, and a recent five-fold growth rate compared to the eurozone average.

While acknowledging international recognition of Greece’s progress, Hatzidakis underscored the nation’s commitment to further reforms and economic advancement. He dismissed detractors, stating that constructive criticism fuels their determination to propel Greece’s economy to greater heights with unwavering resolve.

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