An article in the German newspaper “Frankfurter Allgemeine Zeitung“ reports that the Greek economy is doing amazingly well and that this is not only due to the tourism boom, but also to the fact that confidence in the market has been restored, the Greek agency ANA-MPA reported for BTA.
According to “Frankfurter Allgemeine Zeitung“ international rating agencies consider Greece once again an investment destination. Microsoft, Google and Pfizer have established themselves here in recent years, and German companies such as Fraport, RWE, Boehringer Ingelheim and Teamviewer are also active in Greece.
The article cites the Greek Ministry of Economy and Finance as saying that while the economies of other EU member states are in recession, Greece faces a “luxury problem”. The budget for 2025 has more than doubled the funds originally planned. Accordingly, the spending plan should also be updated upwards.
“Frankfurter Allgemeine Zeitung“ notes that the state budget was approved by parliament on Sunday evening, and conservative Prime Minister Kyriakos Mitsotakis told lawmakers that the important thing is for economic success to be felt more strongly by citizens.
Finance Minister Costis Hadzidakis had initially expected a surplus of 6.1 billion euros in his draft budget. The surplus now stands at 13.5 billion euros.
According to Greek economic analysts, this is certainly due to the fact that Hadzidakis has managed the country's economy sensibly. However, there are other significant reasons for this unexpected result.
As the “Frankfurter Allgemeine Zeitung“ points out, the fight against tax evasion is bearing fruit and the minimum wage will be increased to 950 euros. It also notes that unemployment is expected to fall below 10% next year, compared to over 40% at the peak of the crisis. According to the “Frankfurter Allgemeine Zeitung“ Greece is also servicing its debts like an exemplary debtor: loans from international creditors are being serviced, and Athens even repaid its crisis loan from the International Monetary Fund early. The government debt-to-GDP ratio is expected to fall to 147% by 2025, while it was 164% two years ago.