Staikouras at the Capital Link conference: Greece continues to exceed growth forecasts

The Minister of Finance spoke about the development economic policy and the goals of the Greek government, Christos Staikouras, at Capital Link’s Annual Hellenic Investment Conference held on Friday, December 9, in collaboration with the New York Stock Exchange, major international banks and other organizations.

The finance minister in his speech emphasized that “in this turbulent period of prolonged high uncertainty and volatility, strengthening the resilience and competitiveness of our economies is a major challenge. Governments are called upon to cooperate and develop timely, effective and visionary policies. In the case of Greece, for the last three years the government has been designing and implementing policies that reflect the above principles and lead to significant achievements, as confirmed by all interested parties.”

Mr. Staikouras focused on some key parameters, which he estimated reflect the improved economic environment in our country. As he pointed out:

• Greece continues to exceed growth forecasts.
• The composition of GDP is changing in a positive direction.
• Developments in the labor market are positive.
• The banking sector has made, and continues to make, remarkable progress.
• Public finances continue to improve.
• The public debt is on a downward trajectory which is a record.
• The credibility of the country is strengthened.

Continuing, he argued that the Greek economy has managed to successfully cope with difficult circumstances, as it has achieved strong recovery and sustainable growth, while reducing unemployment and improving public finances. As he pointed out, our country has implemented specific and wide-scale reform commitments. In this light, he noted that it is crucial for the country to continue implementing a developmentally friendly and fiscally prudent economic strategy, which will be based on 7 pillars:

• Implementation of targeted measures to address the economic impact of multi-layered crises, especially for the most vulnerable part of society.
• Implementation of a reliable and prudent fiscal policy. This, combined with the optimal utilization of available resources, is the central direction in our road map to achieve investment grade.
• Enhancing liquidity to finance investments in the real economy, through the implementation of the Public Investment Program and the National Recovery and Resilience Plan.
• Implementation of ambitious structural reforms, including reform of primary health care, codification of labor laws, ongoing reforms in the financial sector, as well as the implementation of the Operational Program for the Utilization of Public Assets.
• Implementation of an intelligent publishing strategy, based on low average annual gross financing needs and active management of existing obligations (liability management), which allows maintaining a significant amount of cash reserves.
• Implementation of measures to create new jobs and increase citizens’ disposable income, alongside the implementation of social policy for the most vulnerable citizens.
• Strengthening the country’s defense, with increased spending on the purchase of weapon systems. It is clear that, despite the difficulties and international instability, Greece has turned the page, it has entered a new chapter.

Finally, Mr. Staikouras acknowledged that the international environment is characterized by a prolonged uncertainty, which hides risks linked to energy prices and inflation. As he noted, “we are fully aware of the difficulties that arise, but we also have the ability, experience and knowledge to continue working hard and methodically, preserving all that we have achieved and capitalizing on our progress, in order to further strengthen the Greek economy and to improve the prospects of the country”.

RES-EMP

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