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PM Mitsotakis at Economist conference: ‘Extremely optimistic about Greece’s economy’

The Greek economy withstood the onslaught of the coronavirus pandemic and is ready to revive, Prime Minister Kyriakos Mitsotakis said on Thursday, addressing the opening day of the Economist’s 25th Roundtable with the Government of Greece, “From social distancing to social solidarity.”

At the two-day conference, Mitsotakis also asserted that he is “extremely optimistic about the future of the Greek economy, for four basic reasons.” He listed them as follows:

– Bank deposits in Greece correspond to 14% of GDP, and a great part of them will return to the market. There is also an optimistic outlook for tourism returns in the second half of the year.

– The government’s recovery plan (Greece 2.0) foresees the first disbursements from EU Recovery Funds – over 7 billion euros – within 2021. Long-term, the EU Recovery Funds will contribute 7% to the GDP.

– The Greek economy borrows in the international markets at very low interest rates.

– During the pandemic, key infrastructural changes took place, including the digital state, distance working, the new labor framework, and the collapse of myths and stereotypes about Greece, all of which make it a desirable destination for investments. This is confirmed by repeated upgrades by all credit houses, he added.

“Today, Greeks play fewer taxes for everything and contribute lower insurance premiums. Our borders are being guarded as EU borders, and all this was achieved while the planet was under attack by the coronavirus,” Mitsotakis stressed.

In addition, “Our country can welcome tens of thousands of digital nomads who can settle in Greece and work from here,” he said, pointing to Greece’s desirability because of the state’s speedy and extensive digitization through the portal, the healthy banks, creative workers, and fair labor regulations.