Standard and Poor’s upgraded Greece’s outlook to positive, maintaining the “BBB-” rating.

The positive outlook reflects S&P’s expectation that the tight fiscal regime will continue to reduce public debt, while growth is expected to continue to outpace that of the Eurozone.

In particular, Standard and Poor’s points out that the Greek government is implementing a series of structural reforms which face chronic obstacles. In addition, it states that despite the recent mild decline of some economic indicators, Greece’s growth has moved higher than the eurozone average. It also refers to the debt-to-GDP ratio, which is declining and will continue to decline if its expectations of fiscal discipline and relatively strong nominal GDP growth are borne out. As he explains, these are also reasons why he revised the outlook for Greece to positive from stable and confirmed the long-term and short-term ratings “BBB-/A-3”.

The house notes that if the dynamics of the reforms are maintained, Greece can continue to move with a growth rate better than the rest of the eurozone countries. It predicts that the Greek economy will run at an average annual rate of 2.4% in the period 2024-2027, reflecting the strengthening of investments through and the Recovery Fund, as well as the improved situation of households and banks.

“Answer to petty criticism the upgrade”

The upgrade by Standard & Poor’s is referred to in a written statement by the Minister of National Economy and Finance, K. Hatzidakis, stressing among other things that it is a response to those who complain and try to downplay the positive developments of the last five years.

In particular, Mr. Hatzidakis stated that:

“The further upgrading of the Greek economy by Standard & Poor’s within a very few months (after Greece regained investment grade, the “outlooks” changed from stable to positive) is yet another proof that Greece’s efforts are paying off.

But it is also a response to those who constantly complain and try to downplay the positive developments of the last five years: the unprecedented increase in exports, the fact that in recent years Greece has set a record in foreign direct investment, the great reduction in unemployment by seven percentage points and that lately we have five times the growth rate of the eurozone average.

The recognition of the significant progress by all international organizations and rating agencies does not make us complacent. On the contrary, it gives us strength to continue the effort and promote all the necessary reforms that will lead the Greek economy even higher.

We move past small-minded criticism and move forward with speed and determination.”