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According to the European Commission (EC), the Greek economy is expected to grow by 2. 4% in 2020, significantly higher than the 1. 4% forecast for the European Union (EU) as a whole. After wasting more than a quarter of its Gross Domestic Product (GDP), the top-performing southern European Union country is now “on the right track,” European Economy Commissioner Paolo Gentiloni said. announce the results. This projection demonstrates a notable turnaround for a country that, just a few years ago, was experiencing one of the most severe economic recessions in history. We will have to pay tribute to the Greeks who have endured a series of unpopular reforms and deep austerity measures, including pay and pension cuts, to pull the country out of the currency crisis.
“I don’t think the world fully appreciates the ordinary suffering that the Greek reforms have caused or the enormous sacrifices that you, the Greek people, have made,” Barack Obama said in a 2016 speech at his last stop in Athens. he travels as president. The first tangible signs of progress were seen the following year, when the expansion of Greek GDP turned positive. This trajectory has continued since then and the EC estimates that its economy grew by 2. 2% in 2019.
In 2018, Greece effectively exited its third and final bailout program, after being forced to request a staggering €289 billion in monetary aid from the EU, the European Central Bank and the International Monetary Fund, known as the Troika. . This marked the beginning of a return to monetary normality. This virtuous trend continued in 2019, when capital controls were lifted and market confidence began to rise, with the country’s 10-year bond yield falling to 0. 9% in February, from 1. 59% in equivalent US bond on this date.
Consumer confidence also returned, helped by the fall in the unemployment rate from 27. 8% to 16. 6%. Eager to see further adjustments that will allow it to fully enter a new economic era, the population elected a government led by Prime Minister Kyriakos Mitsotakis last July. enact wide-ranging reforms that bring benefits to society, corporations, and investors. ” We’ve cut taxes, we’re deregulating, we’re following a recipe that has worked here in the U. S. as well. and the economy is responding very positively,” Mitsotakis confessed to President Donald Trump in Washington last January. The country continues to face enormous debt and many challenges. It remains to be seen whether investor-friendly management will succeed in overcoming these difficulties. And as the United States ambassador to Greece, Geoffrey Pyatt, states, the challenge for others is also to “recognize the opportunities that arise from Greece’s new trajectory. “
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