Greece is recovering: doubts about the Greek economic miracle

AUnlike recently, Greece is no longer just making a name for itself with success stories: the glass factory of the Portuguese manufacturer Youla, the printing center of the American paper manufacturer Sonoco, as well as foreign companies Tupperware, Reckitt Benckiser and Crown Hellas Can. Packaging – they all recently announced the closure of production in Greece.

Cases like these don’t necessarily describe a trend, but they do give people pause. In any case, Greece will not be able to escape the European economic downturn with its trend towards contraction of industrial production, even if the Greek government expects growth above the European average in 2024, as in the previous two years. “Overall, foreign direct investment has continued to increase recently,” Deputy Finance Minister Nikos Papathanasis said at an economic conference in Delphi that ended on Saturday, recalling investments by Pfizer, Google, Microsoft and Amazon in Greece. But he also acknowledged that the country cannot be changed “overnight.” One of the problems is, among other things, “bureaucracy is a wound that always bleeds.”

Source: Frantfurter Allgemeine

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