Greece’s Credit Outlook Upgraded Amid Economic Recovery

08:41 20/4/2024 - Πηγή: iEfimerida

Standard and Poors have elevated Greece’s sovereign credit outlookfrom stable to positive, reclaiming a status tthe country had lost atthe height of a grewling financial crisis.

The upgrade comes asthe Greek economy is on a rise, with growth projected at 2.9 percentin 2024.. The rate is more than triple the

eurozone average.

Greece’s budgetsurplus is also anticipated at 2.1 percent,, driven by increasedinvestment and a flourishing tourism sector.

S&P’sstatement highlights the potential for Greece to outpace its eurozonecounterparts in the medium term, provided the current reform momentumcontinues.

Despite retainingthe lead as eurozone’s most indebted nation, Greece has witnessed aperiod of economic resurgence under the stewardship of Prime MinisterKyriakos Mitsotakis and his centre-right government.

The rating agencyexpressed its expectation for Greece to persist with structuralreforms, intended to foster positive economic and fiscal outcomes inthe coming years.

Meantime. in a moveto ease pressures from the rising cost of living, the Greekgovernment announced a 6.4 percent increase in the monthly minimumwage, boosting it to 830 euros.

The last ratingupgrade for Greece by S&P was in October, with Fitch alsoupgrading the nation’s rating in December, reflecting a renewedconfidence in Greece’s economic stability and growth.

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