As the house states in its announcement, the stable trend reflects its view that Greece remains committed to ensuring fiscal and debt sustainability, despite the more difficult macroeconomic environment.
The credit rating agency DBRS confirmed Greece’s creditworthiness at BB (high) with a stable trend, one step below investment grade.
As the house states in its announcement, the stable trend reflects its view that Greece remains committed to ensuring fiscal and debt sustainability, despite the more difficult macroeconomic environment.
It notes that Greek GDP grew by almost 6% in 2022 due to a strong recovery in tourism, continued improvement in the labor market and support measures.
The effective implementation of the National Growth and Resilience Program and government support measures will continue to support the economy this year, the house notes, but the outlook for growth is subject to downside risks related to the war in Ukraine, which may lead to further tightening of monetary policy and weaker external demand.
Measures to cushion the impact of high energy costs led to a primary deficit of 1.6% of GDP in 2022 from 5% in 2021.
Public debt is expected to have fallen by almost 25 percentage points in 2022, benefiting from better fiscal results and strong nominal growth.
Despite the significant improvement in fiscal and debt results, the implementation of a prudent adjustment plan will be critical for Greece to face ongoing challenges while building a sustainable growth model, the house notes.
Source: Skai
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