The Piraeus Chamber of Commerce and Industry welcomed with its announcement the upgrade of the Greek economy by Standard & Poor’s to BBB- with stable prospects.
The Piraeus Chamber pointed out that it is now waiting for the investment grade from Fitch on December 1, so that Greece can be officially classified as “investable”.
“Greece has been awarded the investment grade by at least two of the “Big Three” houses, S&P, Moody’s and Fitch, which is required for its inclusion in the “investment grade” group, followed by 95% of investors. At the same time, JP Morgan estimates that growth will reach 2.4% in 2023 with GDP climbing to 223 billion euros, while annual inflation will average 4.2% this year before falling to 2.3% the next year.
As long as Greece remains on the path of reforms and fiscal discipline, it has nothing to fear for the next day. Of course, the upgrade is not a panacea, it requires constant effort and improvement, since the transition to financing from the markets always hides risks, as the cost of borrowing has increased and will increase further, while the duration of loans may decrease. Our return to the markets brings challenges and opportunities provided we continue to pursue prudent fiscal policy. As important as the investment grade may be, it does not mean that it puts an end to the challenges for Greece, which is no longer an exception in the Eurozone, servicing its external debt, but still needs work and time to reduce it to the desired levels.
