An article in the Financial Times by Ruchir Sharma, President of Rockefeller International, refers to the seven countries, including Greece, that stand out globally for their economic achievements despite it being a period of absolute pessimism due to recession and inflation.
The Mediterranean country is on the list of countries characterised as “economic miracles”, alongside Vietnam, Indonesia, India, Portugal, Saudi Arabia and Japan.
As the Financial Times columnist pointed out, the countries included in the list of modern economic miracles have relatively strong growth, moderate levels of inflation and high returns – which is contrary to the global trend.
Referring to Greece, Ruchir Sharma emphasises that the country is recovering and has received a particularly big boost from foreign investments and tourism, which due to COVID-19 had reached 15% of GDP from 20%.
During the financial crisis, non-performing loans had reached 50%, while now this percentage has recorded an incredible reduction and is less than 10%. The country’s growth is over 4%, while inflation is falling fast, which is leading the country to a rapid economic recovery.
Ruchir Sharma notes that both Greece and Portugal are recovering, having reduced their deficits, while being less exposed to supply chain disruptions.
The conclusion of the article is also interesting, with the author noting that despite the important achievements, these countries could lose their momentum if there was a change in leadership, the policy being implemented or if complacency prevailed.
In any case, thanks to existing conditions, Greece, Vietnam, Indonesia, India, Portugal, Saudi Arabia and Japan have emerged winners amid a period of international concern.