Staikouras in the Economist: Greece succeeded and turned the page – Twice the growth rate of the European average

“Greece succeeded. Greece has turned the page”, said Finance Minister, Christos Staikouras, in a speech at the Economist event.

In support of his words, the minister mentioned seven points:

-We are exceeding expectations for growth. The Commission is talking about double the rate in 2022 of the European average and even higher in 2023.

– The composition of GDP has changed in terms of exports and investments, and the Commission considers that in the period 2022-2024 Greece will be the first to attract investments. At the same time, there is strong growth in exports of high-tech products. Whereas, the country now has six categories of exportable products, which exceeded 1% of GDP.

– Unemployment is falling at the 2010 level and employment is increasing.

– It has been noted huge progress in bankingwith a reduction in non-performing loans and an increase in deposits.

– At the fiscal level, the Commission points out that Greece has achieved the most important fiscal adjustment.

– Has been record reduction in public debt, by 50 units in a three-year period.

– Promoted and implemented one series of important reforms.

Afterwards, Mr. Staikouras spoke about the unstable European environment (eg high energy prices, pressure on households) and emphasized that it is of utmost importance to continue a consistent fiscal policy for the next four years. He said that the public debt is sustainable and on the decline, but remains high, while the private debt of households and businesses is a big problem. And he repeated the seven priorities set by the country, such as the strengthening of liquidity in the real economy, the continuation of structural changes (primary health etc.), the strengthening of the banking sector through the disinvestment of the state, the maintenance of the effort to reduce energy consumption and the incentives for the new economic structure.

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