Greece’s economic progress and the challenges it still faces were highlighted by Mr Spyros Ktenas, general manager of “Naftemporiki” group, while opening the proceedings of the Economic and Business Conference.
“Despite the geopolitical crises in Ukraine and the Middle East, the high interest rates of international banks, hyperinflation and the real risk of the world economy entering recession once again, the Greek economy is moving in the right direction. Fiscal conditions are in order. Macroeconomic figures, extroversion, investments, consumer climate, tourism revenues are on a positive track. In other words, the Greek economic outlook is bright. International rating agencies have also recognized this. The country has recently regained its investment grade, having previously successfully returned to the markets,” said Mr. Ktenas.
As Mr. Ktenas explained, “the problems of tax evasion and black economy prevent the consolidation of macroeconomic figures. The hundreds of thousands of vacant jobs in critical sectors of the economy and business are hindering growth. Wages, which in some cases move to record levels, distort the labor market, put pressure on consumption and housing credit, and prevent brain regain. They have a negative effect on society, affecting the psychology of citizens and intensifying the significantly intense demographic problem.”
He also noted that despite the temporary benefits of ever-increasing part-time employment as a form of work, it is triggering problems in the long term, while bad loans remain a deep wound, although they are clearly reduced in overall value.
“Nevertheless, all things considered Greece’s economic performance is improving. It has managed to overcome difficulties with sacrifices, injustices and hard decisions for the period of the memoranda. The last step remains to be taken, in which the government and the political world are called to balance the economy with society, the worker with the employer, the powerful with the weak, the short-term with the long-term,” he concluded.
