Greece has done more than any other bailout recipient country – and by extension any country in the eurozone – to reform its economy. Yet, for all its hard work, it remains the laggard of the continent, the distance to the summit remaining dauntingly insurmountable.
In an interview for IFR, Jesus Castillo, senior economist at Natixis, comments: “Greece’s economy looks far healthier than it did three years ago, but each indicator still gives its own reason to be pessimistic. Debt is still high and unemployment is nearly 20%. GDP is growing but the investment rate is only 12% of GDP, compared to around 22% 10 years ago. It is still not clear, for an investor considering lending to Greece, what its future growth model is.”
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