Greece’s economic momentum is expected to continue in the new year, with GDP growth forecast to hover at 2.5%, modest by most respects but still higher than projections for other European and Eurozone economies.
A post-pandemic recovery was more-or-less highlighted with last week’s designation by the Economist of Greece as its “Country of the Year” for 2023.
The forecast for investments in the east Mediterranean country points to an increase of 15.1% in 2024, compared to an increase of 7.1% between 2022 and 2023. Mergers and acquisitions increased from 4.1 billion euros in 2020 to 10.4 billion euros in 2022, with market analysts saying the country has now shaken off its previous status as a “magnet” for purchases of NPL portfolios and is instead attracting more “real economy” capital. Since 2017, some 50 international transactions have been recorded in the NPL secondary sector, related to bundles of non-performing loans with a nominal value of 90 billion euros.
Some of the most prominent corporate investors in the country over the past few years include Amazon, Google and Microsoft, along with state investment funds.
Reforms
“A return of trading activity in capital markets in the second half of 2023 and the series of upcoming deals in subsequent quarters further strengthen Greece’s investment potential,” according to Dimitris Athanasopoulos, a founding partner of Axia Ventures Group, who spoke recently at a Capital Link investment conference in New York City.
“It’s particularly encouraging that a large part of Greece’s growth is based on capital investment, whereas concerns about the Eurozone economy remain there are fewer reservations about Greece, as it’s in a different part of the economic cycle,” Anastasios Astyfidis, the founder and CEO of Ambrosia Capital, underlined.
“In recent years, Greece has implemented a series of structural reforms with the aim of creating a more flexible and diversified economy, alongside greater competitiveness, all with the aim of sustainable growth,” Alex Fotakidis, a CVC partner and the head of CVC Greece, said.
Source: tovima.com
Latest News
Greece Reacts Sternly to Turkish Decision to Open UNESCO Site Chora Church as a Muslim Mosque
"The decision of the Turkish authorities to start the operation of the Monastery of Chora as a Muslim Mosque constitutes a provocation to the international community", the Greek Foreign Ministry stated
DW: Greece Prepares for the 2024 Tourist Season Amid Climate Change Challenges
The Greek state has adopted measures to alleviate the impact of climate change
Greco-French Relations on Ice: Exploring the Chill between Mitsotakis and Macron
Macron allegedly sought increased military support for Ukraine, including weaponry and Western troop deployment for training in Western Ukraine, a request declined by Mitsotakis
Greece Secures Stable Tourism Flows at 30 Million Arrivals
However, despite this year’s bookings projected to rise slightly compared to last year, Yiannis Hatzis, President of the Panhellenic Federation of Hoteliers, stresses the importance of strategic planning
The 12 Tourist Traps to Avoid in the Greek Islands
Visit less popular islands for cheaper prices and fewer crowds
German Min. Lemke: «Climate crisis poses immediate threat to our health; well-being»
Europe recorded more days of “extreme heat stress” (with the ‘feels like’ temperature exceeding 46 degrees Celsius) than ever before
OECD: Major Spike in FDIs in Greece over 2021-23 Period
The international organization calculates an average of 6.7 billion USD in Greece over the 2021-2023 period, up from 4.15 billion USD in 2017-2019
How TikTok Lost the War in Washington
Combination of coordinated efforts by its critics and missteps by the company led to the law forcing a sale or ban of the popular app
Greece in the Top European Destinations for Aussies in 2024
This year 16% of surveyed Australians are planning a trip to Greece
Developing the Blue Carbon Economy in Greece
Can Greece make money by protecting its marine environment?