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Editorial

The Amazing Success of the Greek Economy

Amidst everything that is happening in Greece, with the tragedy in Tempi at the top of the list, it seems that not enough attention is paid to one very important issue: the amazing growth of the country’s economy.

And this is when ‘Bloomberg’, a journalistic organization specializing in mostly economic issues, owned by the former mayor of New York, gave us some news to ‘wake’ us up.
After reminding us of the dreaded Grexit, Greece’s near-violent exit from the Eurozone in 2015, Bloomberg reports that per capita, Greece’s Gross National Product (GNP) has increased by 7% since Kyriakos Mitsotakis took over as Prime Minister of Greece.

To appreciate the magnitude of the success, one must compare it to the largest economies during that period, including Germany (1%), France (1%), Italy (2%), Spain (-2%) and the United States (4%).

This is an unusually high success number compared with countries that are not usually grouped with Greece.

Of course, the country, like the entire Western world, is going through a difficult economic period due to high inflation rates ravaging the wallets of the middle class as a result of Russia’s invasion of Ukraine.

However, inflation has already fallen due to the fall in the price of energy, with a tendency to fall even further as a result of the recession now threatening the economies of countries because of the banking crisis.

There is, I think, no doubt that the amazing GDP growth, apart from everything else, is a personal achievement of Prime Minister Kyriakos Mitsotakis.
After the almost disastrous economic policies of Alexis Tsipras and Yanis Varoufakis, Kyriakos Mitsotakis was able to change the country’s investment climate in a short period of time, convincing local businessmen and foreign investors that Greece is “open for business.”

It is Kyriakos Mitsotakis with the international prestige he has acquired – his historic speech to a Joint Session of Congress, the first by a Greek Prime Minister, the culmination of the esteem he enjoys – is what makes the difference.

This is what translates into a positive economic-political climate, which is essential for investment and therefore for the growth of the economy.
And this cannot be ignored by the people in the next elections.

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