“How Greece got back on its feet after the longest period of recession on the planet”, is the title of a laudatory report on the Greek economy by one of the most influential newspapers in Europe, the Times of London.

The extensive report notes that after the debt crisis and bailouts from the IMF and European creditors of 2010-18, “things are now looking up”. “The Greek economy – the newspaper characteristically mentions – is among the fastest growing in the European Union in the last three years, achieving growth rates of 8.4% in 2021, 5.9% in 2022 and 2.1% in 2023”.

“Unemployment – it is emphasized in the report – which reached the historical high of 27.2% in 2013, has decreased to 10%. The percentage of non-performing loans in Greek banks has fallen to 7%. Greek bonds that were rated as “junk” for more than a decade have recently been upgraded to investment grade by three out of four rating agencies. Only Moody’s has not yet moved forward, but there is a belief that it will follow, based on further justice reforms.”

The report also highlights the fact that Greece is among the top 10 countries on the planet in the installation of Renewable Energy Sources, while the pharmaceutical industry and the agri-food sector together with traditionally developed sectors of the economy, such as shipping and tourism, have equally positive performance.

The Times of London makes a special mention of tourism noting that arrivals were up 17% to 32 million in 2023 compared to 2022 and forecasts are converging on a record performance this year. “Athens has become a destination in itself, much more than a transit point for the islands. Its museums have improved and its restaurants and bars have become more sophisticated, benefiting from the economic recovery,” the newspaper said.

The prospects are also favorable in the real estate market, “which has been moving strongly for the last three years”, as pointed out by market players in their estimates published in the report.