The transformation of Greece’s economy from an economic basket case to a European growth tiger has been nothing short of remarkable. From the world’s biggest debt default in 2012 to the verge of an investment grade credit rating, Greece’s remarkable turnaround is capturing the attention of international investors and economists alike. Even publications like The Economist are hailing Greece as a European success story.
Barclays analysts have recently published a report suggesting that Greece is on the brink of a “third economic megacycle” especially after the outcome of the recent general election. Greece’s economic history since World War II has been marked by two megacycles, driven by structural forces and political choices.
The first megacycle, spanning the 1950s to the mid-1970s, saw Greece emerging from a devastating period of war and conflict. With the aid of the Marshall Plan, Greece experienced an economic miracle, posting impressive growth rates and improving living conditions.
This period laid the foundation for Greece’s second megacycle, driven by EU structural funds, infrastructure investment, and convergence policies.
However, imbalances and external shocks led to a collapse in the Greek economy between 2010 and 2019. Yet, despite these challenges, Greece now stands at the precipice of a potential third megacycle.
Several key dynamics provide opportunities for Greece’s economic resurgence:
Global services: The increasing tradability of global services presents Greece with the chance to build a globally competitive sector, particularly in areas such as tourism, real estate, transportation, IT, clean energy, and healthcare.
Catching up to the trend: Greece has caught up to the trend of services becoming a significant portion of its GDP, allowing the country to capitalize on its areas of comparative advantage.
European challenges and opportunities: Europe’s focus on energy security, energy transition, and protectionism creates new avenues for cross-EU policies. Greece’s strategic location and potential contributions in these areas can play a pivotal role.
Favorable conditions: Greece benefits from structural reforms, infrastructure investments, and the receipt of significant EU funds, including the Next Generation EU funds, which can reach up to €60bn.
This positive outlook has sparked increased foreign direct investment (FDI) in both manufacturing and services sectors.
Notably, technology and payments sectors have witnessed major deals, highlighting Greece’s potential as an investable destination.
The incumbent government’s investor-friendly policies have boosted market confidence, leading to the anticipation of potential upgrades to Greece’s credit ratings.
While challenges remain and there is still progress to be made, Greece’s rapid post-pandemic recovery and the surge in investment showcase the country’s resilience and potential for sustained high-growth megacycles. As Greece continues to attract investors, it presents new opportunities for businesses and individuals looking to capitalize on its economic resurgence.
At Amoiridis Law Services®, we are committed to supporting and guiding investors through Greece’s evolving legal landscape. Our team of experienced professionals is ready to provide tailored legal services to ensure a smooth and successful investment journey.
Let’s seize the moment and embrace the promising prospects that Greece’s economic transformation offers. Together, we can be a part of Greece’s journey towards prosperity, contributing to its ongoing success story.
As a law firm we are dedicated at assisting our well-respected clients successfully complete any of their investment projects in Greece. Thanks to our longstanding experience, we are able to provide a full package of consultancy services to our almost exclusively international clientele, customized to their specific needs.
For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalized information tailored to your needs and your profile.
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Athens, May 2023
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