Auspicious prospects, increased uncertainties and great challenges “sees” for the Greek economy in the midst of Russian-Ukrainian crisisthe Minister of Finance, Christos Staikouraswho reiterated tonight, from Thessaloniki, the goals of the government: Greece to get out of the regime of enhanced supervision in 2022, to achieve a single-digit percentage of red loans, also this year, and to gain an investment grade in 2023.
According to the minister, keynote speaker at the New Year’s Eve dinner of the Hellenic-German Chamber of Commerce and Industry, “the unhistorical and utterly condemnable act” of Russia to invade the Ukraine, will undoubtedly have an impact on the European and Greek economy. However, the data that will be announced in a few 24 hours for the course of the Greek economy last year, will confirm in its estimation, its strong growth, as in 2021 the total losses of 2020 will be covered.
At the same time, he added, based on estimates announced 15 days ago by the European Commission, before the war in Ukraine, our country would show the second largest increase at European level and the highest index of investment and exports in the EU for the next two years.
The Minister of Finance added that the turnover of Greek companies in 2021 exceeded, despite the difficult conditions, that of 2019 by 15 billion euros, while last year 35% more companies were established, deposits increased by 42 billion euros compared to July of 2019 and red loans were reduced to
single-digit percentage, in two of the four systemic banks. The minister also described Greece’s debt as sustainable and with an excellent profile.
Uncertainties in four pillars
Mr. Staikouras also pointed out that the invasion of Ukraine will have very high costs for Russia, Europe and Greece, costs that are based on uncertainties in four pillars: First, in trade, where Europe is significantly dependent on both countries in certain products such as cereals (about one third of European imports in this species), Second, in the reduction of investment confidence at European level, as in times of crisis, investors traditionally turn to “safe havens”. This is expected to affect Greece more, which is not in the investment stage and may be reflected in the spreads. Third, in the field of even higher inflation, which will bring price increases in energy, fertilizers and wheat, and shocks in tourism. Fourth, on the budgetary costs for Europe, which will increase.
The highest cash available in Europe
The Minister of Finance added that the country will seek to achieve its goals at the level of the economy, by implementing specific policies, which include: prudent fiscal policy in the direction of taxes and insurance contributions, a far-sighted publishing strategy (“today Greece has the higher cash flows as a percentage of GDP in Europe, with what this means for the 2022 turmoil ”), strengthening liquidity, mainly through the banking system, continuing projects and privatizations, and harnessing the NSRF.
German investments of 6 billion euros in the next four years
German investments in Greece are expected to reach 6 billion euros in the next four years, said the president of the Hellenic-German Chamber of Commerce and Industry, Konstantinos Marangos, noting that during the multi-year crisis in our country, German companies did not abandon it. but continued to invest around € 1 billion a year. In 2001-2019, Germany held, as he said, the first place as a country of origin of foreign direct investment in Greece, with a share of 20.5%.
Mr. Marangos also expressed the belief that the election of a new government in Germany will lead to a further upgrade of bilateral relations with our country, while he expressed the assessment that in 2022 there is expected to be a very large increase in tourism (in 2019 the receipts of Greek tourism from Germany exceeded 3 billion euros and arrivals of 4 million tourists).
He added that Greece has entered a cycle of dynamic long-term growth, with our country being praised even by the German Minister of Finance, Christian Lindner.
The assessment that Thessaloniki and Northern Greece have now been placed on the map of foreign companies as an investment destination, was expressed by the president of the Northern Greece branch of the chamber, Stefanos Tziritis, adding, however, that in order to utilize this potential, upgrading the infrastructure in the area – something that is already progressing with the ports, the railway and the renovation of the TIF exhibition center.
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