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  • Editorial: Opportumity for Greek economic take-off

    This four-pronged guarantee of fiscal stability, along with competitive prices, wages, and values lead ineluctably to a flowering of the Greek economy.

    In these turbulent and uncertain times the data released by the Hellenic Statistical Authority for the third quarter of 2019 and the positive adjustments from the first two quarters transmit signals of optimism.

    The initial pessimistic projections that Greek economic growth would be less than 2% raised concerns about the course of economic activity in 2020.

    The picture changed due to the much better than expected performance of the tourism sector, of exports, and limited gains in investments and consumption.

    More recent evaluations following the analysis of the new statistical data project a 2.2 percent growth rate and perhaps higher, depending on fourth quarter results.

    If the newer projections are confirmed, the Greek economy after years of weak performance and retreat appears to be creating a better basis for the desired economic take-off with a growth rate of over 3% in 2020.

    Indeed, there are many factors that support this projection. The positive movement in the labour market, a much larger interest in the real estate market, and the mobilisation of large private enterprises in search of new capital to carry out new investment plans confirm that the engine has started up and can produce results.

    These projections are bolstered by the advanced searches of international investment schemes which are lookimg to invest capital in Greece in all sectors of the Greek economy.

    One might say that we are seeing the foundations and preconditions of a coming economic spring for Greece.

    The basic data are stabilised. The markets remain attractive. Prices, wages and value in general are competitive and able to attract the interest of domestic and foreign investors, simply because the terms and preconditions for profit exist.

    This four-pronged guarantee of fiscal stability, along with competitive prices, wages, and values lead ineluctably to a flowering of the Greek economy.

    This is all the more true with a liberal government which does all that it can to bolster these positive conditions.

    If these conditions are maintained without any domestic or foreign complications, the Greek economy will truly have an opportunity to rebound after the great crisis – which was comparable to the post-war crisis.

    In this manner it will also be possible for the economy to endure any external threats.

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