Our View: A Changing Greece

As we begin 2022, there is reason for cautious optimism. Despite the ongoing coronavirus pandemic, Greece’s economy has been outperforming expectations and is forecast to expand at a robust 4% to 5% rate this year.

Foreign investor interest in Greece remains strong. The country welcomed several landmark investments in the last 12 months in projects involving data centers and pharmaceuticals; property development and F&B; hospitality and renewable energy. Meanwhile, Greece’s privatization drive continues, with the emblematic redevelopment of the old Athens airport at Hellenikon underscoring how much Greece is changing.

Exports abroad continue to expand. Last year, exports of goods set new records and may have reached €40 billion – equal to about 20-21% of gross domestic product. With the current momentum, merchandise exports are on track to reach a medium-term national goal of 25% GDP over the next three years.

In the meantime, Greece continues its transformation through further reform, further investment and further extroversion. We remain focused on the future. And with the prospect that the global pandemic may be gradually drawing to a close, this year holds exciting promise for Greece.