Greece is one of the fastest growing economies in Europewhile investors and tourists are flocking to the country, he says New York Times article.

Loaded with debts she could not repay, Greece nearly broke up the eurozone a decade ago. Today, it is one of the fastest growing economies in Europe. In an important recognition of the country’s recovery, rating agencies upgrade their assessment of Greece’s debt and open the door for large foreign investors, as pointed out in the publication.

The economy is growing at twice the rate of the eurozone average and unemployment is highalthough still high, at 11%, it is the lowest in over a decade. Tourists have returned in droves, fueling a construction frenzy and new jobs. Multinational companies such as Microsoft and Pfizer are investing. And banks that nearly failed have been cleaned up and are lending again, benefiting the wider economy.

Kyriakos Mitsotakis was re-elected prime minister with an overwhelming majority in Juneafter being credited on stimulating recovery by reducing taxes and debtaccording to New York Times. The government cut red tape for businesses and raised the minimum wagewhile the country repays its loan obligations ahead of schedule.

Greece emerged from the strict financial controls of the bailout programs in 2018, and the government’s actions since then have won the confidence of the European Union. In 2021, Brussels approved another €30 billion for investment in Greece, as part of a wider effort to strengthen the EU’s economies. after the Covid-19 lockdowns.

This month, DBRS Morningstar, a global credit rating agency recognized by the European Central Bank, raised the rating of Greek debt to investment gradea move that it opens the door for pensions and other large investors to buy bonds issued by the government. And this will reduce the cost of borrowing for households, businesses and the government, since the E.K.T. raises interest rates to fight inflation.

THE Moody’sone of the largest rating agencies, raised Greece’s debt rating on September 15 by two notchesjust before the investment stage, invoking “deep structural change” in the country’s economy, finances and banking system.

The New York Times article does special reference to giant companies investing in Greece, pointing out that investors have already entered the game. Microsoft is building a €1 billion data center east of Athens. Further north, Pfizer consolidates a research center worth 650 million euros. US, Chinese and European companies are pushing renewable energy deals. And investments by Cisco, JPMorgan, Meta and other multinationals are predicted to have an economic impact of billions of euros in the coming years.

Finally, the publication points out that more than 10 million tourists flocked to Greece this summer despite wildfires, generating an estimated revenue of more than €21 billionwhile construction company activity has increased on the mainland and islands due to increased demand for tourist accommodation.