Greece Receives Praise from IMF for ‘Exemplary Success’ in Economic Growth

“Greece has been upgraded during the last five years, no longer being the weakest link but an exemplary success,” said Greek Minister of National Economy and Finance Kostis Hatzidakis following his participation in this year’s annual meeting of the International Monetary Fund (IMF) and the World Bank Group (WBG).

During his meetings with representatives from the IMF, top executives of investment and banking groups, credit rating agencies (CRAs), and financial analysts in Washington, Hatzidakis received a positive assessment of Greece’s economic progress.

In an announcement, the minister noted that Greece’s advancements in public finances have seen recognition.

“Decision-makers and analysts observe our GDP growth, national debt metrics, primary surpluses, new investments, export increases, and a reduction in unemployment,” he said. “They recognize that we are implementing the right mix of economic policies and advancing essential reforms to elevate Greece further.”

On the sidelines of the meetings, Hatzidakis engaged in discussions with key IMF officials, including Kristalina Georgieva, Managing Director of the IMF; Vitor Gaspar, Director of the Fiscal Affairs Department; and Alfred Kammer, Director of the European Department.

Greek Minister of National Economy and Finance Kostis Hatzidakis with IMF Managing Director Kristalina Georgieva.

Among the topics discussed was the IMF’s most recent report on international economic prospects, which included an upgraded forecast for Greek economic growth — projected to rise from 2 percent to 2.3 percent for 2024 and from 1.9 percent to 2 percent for 2025.

It is also noteworthy that the Hellenic Statistical Authority (ELSTAT) recently revised its GDP and investment data for 2023.

During his discussions, Minister Hatzidakis also presented several initiatives and reforms currently being undertaken by the Greek government. These include efforts to combat tax evasion, facilitate privatizations, establish private universities, and expedite court decision processes.

Investment opportunities in Greece

Greek Minister of National Economy and Finance Kostis Hatzidakis with Jay Collins, the Vice Chairman of Banking, Capital Markets, and Advisory at Citigroup.

While in Washington, Hatzidakis met with executives from leading investment firms, including the Vice President of BlackRock, the CEO of Deutsche Bank, the Vice Chairman of Citigroup, and the Vice President of Nomura, a Japanese investment bank. During these meetings, he highlighted the promising prospects of the Greek economy and the investment opportunities available in the country.

Additionally, he participated in the Coalition of Finance Ministers for Climate Action and engaged in discussions about the reconstruction of Ukraine post-war, as well as attending the International Monetary and Financial Committee of the IMF.