Fitch Ratings, among them, has highlighted Greece as one of four Eurozone nations poised for a reduction in foreign debt by 2024. The agency foresees continued fiscal success, with the country expected to maintain consecutive primary budget surpluses.
JP Morgan, in light of recent underperformance in Italian bonds, recommends investors to open long positions in Greek bonds. The financial giant anticipates a robust growth of 2.4% in Greece’s GDP for 2023, coupled with a 4.2% inflation rate. Projections also include a primary surplus of 1.9% and a fiscal deficit at 1.3%.
On the ratings front, DBRS and S&P have elevated Greece to investment grade (IG). Fitch Ratings, in a late Friday announcement, upgraded Greece’s long-term foreign-currency rating to ‘BBB-‘ from ‘BB+’, citing a stable outlook. Fitch emphasized Greece’s strong commitment to fiscal consolidation, projecting a rising primary surplus, reaching 1.1% of GDP in 2023 and averaging 2.2% in 2024-2025.
The Organisation for Economic Co-operation and Development (OECD) adds to the positive chorus, forecasting a 2.4% growth for the Greek economy in 2023, followed by a 2% increase in 2024, and a subsequent rise to 2.4% in 2025. These promising evaluations collectively underscore Greece’s economic resilience and positive trajectory on the global stage.
