Greece’s Finance Minister Kyriakos Pierrakakis and the Bank of Greece Governor Yannis Stournaras highlighted the positive momentum of the Greek economy, with a focus on investment, reforms, and the fight against tax evasion at the opening of the annual OT Forum today, saying that the country’s performance sends strong signals to both domestic and international business communities.
Opening the forum, Pierrakakis addressed the persistent issue of the shadow economy, which he said undermines prospects for fair and sustainable growth.
According to the minister, the shadow economy has significantly shrunk in recent years—from 30% to under 15% of GDP—a shift expected to be reflected in an upcoming IMF report. He emphasized the role of connecting POS systems with cash registers, a move recently recognized by international financial institutions during his visit to the IMF and World Bank Spring Meetings.
When asked whether Donald Trump’s return to the White House could impact U.S. investment in Greece, Pierrakakis noted that several American tech giants have already entered the market. “In 2019, Greece was on the U.S. trade ‘301 list’—a list you don’t want to be on. We got off that list, and then Google, Amazon, and Microsoft came,” he said.
In line with Pierrakakis’s message, Governor Stournaras praised the Greek economy’s performance, declaring: “Greece has returned to normality.” However, he also warned that maintaining fiscal responsibility and primary surpluses remains crucial. “The recipe for Greece is to stay on the path of fiscal prudence and stability,” he stressed, while praising the government’s decision to use part of its budget surplus for investments and debt reduction.
Stournaras called for aggressive structural reforms, particularly in the justice system. “We need to strike at the root of the problem,” he said, adding that “justice is slow.” He also pointed to labor market tightness and skills mismatches as critical issues, urging the removal of production barriers.
All structural weaknesses, he argued, eventually feed into Greece’s large current account deficit. While part of the gap reflects faster growth compared to other countries, Stournaras stressed the importance of reducing it to a more sustainable level of around 3% of GDP, rather than the current 6%.
Regarding the potential impact of new U.S. tariffs, Stournaras downplayed concerns, saying direct effects on Greece are limited. As a result, the Bank of Greece has not revised its 2.3% growth forecast for 2025.
