Standard and Poors have elevated Greece’s sovereign credit outlook from stable to positive, reclaiming a status tthe country had lost at the height of a grewling financial crisis.
The upgrade comes as the Greek economy is on a rise, with growth projected at 2.9 percent in 2024.. The rate is more than triple the eurozone average.
Greece’s budget surplus is also anticipated at 2.1 percent,, driven by increased investment and a flourishing tourism sector.
S&P’s statement highlights the potential for Greece to outpace its eurozone counterparts in the medium term, provided the current reform momentum continues.
Despite retaining the lead as eurozone’s most indebted nation, Greece has witnessed a period of economic resurgence under the stewardship of Prime Minister Kyriakos Mitsotakis and his centre-right government.
The rating agency expressed its expectation for Greece to persist with structural reforms, intended to foster positive economic and fiscal outcomes in the coming years.
Meantime. in a move to ease pressures from the rising cost of living, the Greek government announced a 6.4 percent increase in the monthly minimum wage, boosting it to 830 euros.
The last rating upgrade for Greece by S&P was in October, with Fitch also upgrading the nation’s rating in December, reflecting a renewed confidence in Greece’s economic stability and growth.