Following the official conclusion of the support program for Greece, the European Stability Mechanism (ESM) presents, in an announcement, the progress of Greece’s economy during the last years.
According to the ESM, Greece has managed to significantly decrease its macroeconomic and fiscal imbalances, concluding an “unprecedented fiscal adjustment”, which resulted in its deficit being decreased by about 16% of GDP (from 15.1% deficit in 2009 to 0.8% surplus in 2017). In addition, the ESM stresses that through a wide range of reforms, Greece has managed to ensure its financial stability, to strengthen growth, competitiveness and investments, and to modernize public administration.
The results of the recovery of Greece’s economy are already visible, the announcement reads, as Greece has now returned to growth (from -5.5% recession in 2010 to 1.4% growth in 2017). Unemployment has also declined, although Greece still records the highest unemployment rates in the EU. From 12.7% in 2010, unemployment reached its peak in July 2013 (27.5%) and dropped to 19.5% in May 2018.