05/31/2024 – 18:29
Fitch Ratings has reaffirmed Greece’s long-term foreign currency rating at BBB-, with a stable outlook. The country thus maintains investment grade, a decade after experiencing the euro zone debt crisis.
According to the agency, the assessment reflects high levels of per capita income and governance indicators compared to peers. But the European nation still faces high debt, vulnerability in the banking sector and high unemployment, says the institution.
Fitch predicts that Greek Gross Domestic Product (GDP) will grow by 2.3% in 2024 and 2.4% in 2025, well above the eurozone average (1.1%). At the same time, the fiscal deficit will fall to 0.8% of GDP next year, according to the analysis.
“Fitch sees a strong commitment to fiscal prudence, with the government’s medium-term fiscal plans anchored in conservative revenue assumptions, at a time when authorities are moving forward with ambitious revenue-enhancing reforms,” it says.
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