Financial Times: Greece one of the seven economic wonders of an anxious world

An article by Ruchir Sharma, Chairman of Rochefeller International, in the Financial Times, refers to the seven countries that stand out globally for their economic achievements, at a time of absolute pessimism, due to recession and inflation.

Greece is not missing from the list of countries characterized as “economic miracles”, while the list is completed by Vietnam, Indonesia, India, Portugal, Saudi Arabia and Japan.

As the Financial Times columnist points out, the countries included in the list of modern economic miracles are characterized by relatively strong growth, moderate levels of inflation and high yields – contrary to the global trend.

Referring to HellasRuchir Sharma highlights that the country is recovering and has received a particularly big boost from foreign investment and tourism, which due to Covid had reached 15% of GDP, from 20%.

During the financial crisis, non-performing loans had reached 50%, while now this percentage has recorded an incredible reduction and is less than 10%. The country’s growth is over 4%, while inflation is falling fast, which is leading the country to a rapid economic recovery.

Ruchir Sharma notes that both Greece and Portugal – also on his list of economic miracles – are recovering, having reduced their deficits, while being less exposed to Russia-related supply chain disruptions.

The conclusion of the article is also interesting, with the author noting that despite the important achievements, these countries could lose their momentum if there was a change in leadership, the policy being implemented or if complacency prevailed.

In any case, thanks to existing conditions, Greece, Vietnam, Indonesia, India, Portugal, Saudi Arabia and Japan have emerged as winners amid a period of international concern.

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