Korkidis: The economy will judge the elections and the elections the economy

Korkidis: The economy will judge the elections and the elections the economy

Until the end of the year, there are six critical “appointments” with the rating agencies, from which it will be decided whether the Greek economy finally regains its investment grade, underlines the president of the Piraeus Chamber of Commerce and Industry, Vassilis Korkidis.

In more detail, he notes: “The Greek economy has gone through 40 waves over the past 13 years. However, since 2019, our country’s economy with good governance has been doing exceptionally well, while growth is evolving at high levels, despite the unfavorable economic conditions due to the pandemic and the energy crisis. A development that is in our hands to continue in the years to come and that will be reflected with greater dynamics in the incomes and standard of living of all citizens. However, political and economic stability is a prerequisite, as well as maintaining the credibility of the Greek economy abroad. And those who can certify the reliability of the Greek economy abroad are the international rating houses. They even recently upgraded the Greek economy, ranking it, literally, “half a step” ahead of the coveted investment grade.

Greece has a unique opportunity to fully regain its credibility and prestige vis-à-vis international markets and foreign investors after many years spent in the junk category. After a decade in which investors had essentially sidelined the Greek market, in the last 4 years of ND’s governance, a significant increase in foreign investment in our country has been recorded. For this and many other reasons, maintaining the upward trend of the Greek economy and society must be a national objective. A goal that should not be lost. By regaining the investment grade, our country will be able to access international markets and borrow at more favorable interest rates. Banks will be able to do the same, which will borrow at lower cost, in order to be able to grant more loans and on more favorable terms to households and businesses.

Our economy regains its competitiveness at the cost of efforts and sacrifices, at a time when the world economy is undergoing strong shocks due to the prolonged energy crisis. However, as recent assessments from the International Houses show, the outcome of the upcoming elections will play a catalytic role. In fact, as everything shows, they focused on the government’s economic announcements, in order to determine whether it is committed to continuing reforms, to reducing public debt, to maintaining growth at 2.5%. The factors they take into account are structural, macroeconomic and budgetary. As long as there is uncertainty about the future of the economy, the acquisition of investment grade will be delayed. Therefore, as long as these conditions are met, the investment note that will symbolically close the cycle of the debt crisis, after at least 13 years of insecurity, should, as international analysts point out, arrive for our country at course of the last four years. month of 2023. Three rating agencies DBRS, Standard and Poor’s and Fitch rate Greece just one notch below investment grade. It should be noted that according to April ELSTAT data, inflation fell to 3% from 12.2% a year ago. »

Korkidis: “Until the end of the year there are six more ‘critical appointments’ with rating agencies”

“Until the end of the year, there are six more critical ‘meetings’ with the rating agencies, from which it will also be decided whether the Greek economy finally regains its investment grade. The analysts internationals with today’s data believe that October will be the most likely month for Greece to move to investment grade. In any case, to achieve this, fiscal discipline must be maintained. As I mentioned, the Greek economy and society can no longer bear experimentation. Safeguarding the upgrading of the economic life of the Greeks is the biggest stake in the elections. Therefore, with seriousness, vision and discipline , the continuous and sustainable development of the economy should be ensured, thanks to which better incomes will be ensured for both workers and the self-employed.The government’s economic program is closer to small and medium-sized enterprises and household needs and businesses. It is a realistic program that can ensure the upgrading of the Greek economy and the quality of life of Greeks. As it seems the economy is the one that will judge the winner of the election and the winner of the outlook for the economy. Let’s see!” notes Mr. Korkidis.

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