Greece and its economic development during the pandemic - an example for all EU countries.

Greece and its economic development during the pandemic - an example for all EU countries.

Journalists of the German business newspaper Handelsblatt noted that the financial assistance from the Recovery Fund has a beneficial effect on the Greek economy. Brussels money is planned to be spent on the economic development of the Southern European country. Today, a lot of emphasis is placed on the tourism sector. However, very soon, other business sectors will also begin improve - pharmaceutical industry, information technology, energy, and logistics.

The investment program for resetting the country's economy is called "Greece 2.0". This year, the promised amount of financial assistance from the European Union will amount to 30 billion euros. The total number of expected investments - up to hundreds of billions. On July 13, Greece's phased development plan was reviewed and approved by the finance ministers, as reported on Twitter by Kyriakos Mitsotakis. According to him, this moment is truly historical for his country, and from now on, the stage of the practical implementation of the plans begins.

“Handelsblat” adds that it will take long for Greece to disentangle from the economic consequences of the coronavirus pandemic.  The global misfortune overtook the country at a time when it had just begun solving the problems with the ten-year debt crisis. COVID-19 prevented the Greek government from emerging from the biggest recession since the war. In 2020, the GDP of the ancient country collapsed by 8.2%.

However, the beginning of 2021 showed that the collapse was only a temporary phenomenon. Greek economy has grown surprisingly quickly in recent months. And although the pandemic does not intend to give up, the development pace will allow GDP to restore in the near future. If the coronavirus problem is successfully resolved through vaccination, it only remains to see how quickly Greece will rise among the EU member states.

The chief economist of the German bank Barenberg, Holger Shmidling, presented his own forecasts. According to him, after the end of the pandemic and the full restoration of the tourist flow to Greece, the prospects for the country's economy will become quite good. We can already observe an increase in the level of confidence of international investors in Hellenic companies.

Additional financial assistance from fraternal countries will lead Greece to become a true champion of economic growth 2021 in Europe. The country's potential is enormous, and competent leadership can make it an example for others.

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