Greece finds itself into a remarkable economic turnaround and investors think Athens’s goal of 2.8 pct GDP growth this year and 3-4 pct growth beyond that is obtainable, and this is credited to Prime Minister Kyriakos Mitsotakis, Wall Street Journal said in an article entitled “A Greek Economic Revival” published on Thursday, according to ANA.
“Fitch on Friday upgraded Athens’ government debt one notch, to BB, and signaled more optimism about the economy and government finances. Athens remains two levels below investment grade in Fitch’s eyes, but investors are more bullish. The yield on Greek sovereign bonds fell to an all-time low of about 1.15 pct Monday, compared to 1.04 pct for Italy.
The stock market surged 49 pct in 2019, mostly in the second half of the year. Business confidence is higher than in the eurozone overall, and unemployment of 16.6 pct in October was the lowest since 2011.”
According to the Wall Street Journal, “credit Kyriakos Mitsotakis … whom fed-up voters elected prime minister in July after a decade of failed experiments with centrist technocracy and radical leftism. Mitsotakis, leader of the center-right New Democracy party, is trying something else: supply-side reforms. Mitsotakis has cut the top tax rate on corporate profits to 24 pct from 28 pct, and some individuals have seen their tax rate fall to 9 pct from 22 pct and their property taxes cut. He aims to introduce a flat tax of 100,000 euros for wealthy foreigners who move to Greece to invest. He’s also dusting off privatization plans shelved by left-wing predecessor Alexis Tsipras.”
Read the full article at wsj.com
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
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