Greece’s Long Journey Back From The Brink [Infographic]
German Chancellor Angela Merkel has managed to reach a deal on immigration and end a lengthy row with her interior minister that threatened to break up her coalition government. Merkel feared that giving in and closing Germany’s border would set off a chain reaction, ultimately destroying Europe’s Schengen free-travel zone. Last week, the mood was one of deep pessimism and she warned that the EU’s future depends on finding answers to the vital questions posed by migration. Amid all of the doom and gloom, there was still some good news for the EU on the financial front.
While the fear today is that the migration crisis could ultimately destroy the EU, the fear yesterday was that the Greek financial crisis would do the same. According to a statement from the International Monetary Fund, however, Greece has now largely eliminated its macroeconomic imbalances and is making progress. It is still facing serious challenges but growth has returned, unemployment is starting to decline and a recently-agreed debt relief package will secure medium-term stability.
Athens has implemented structural reforms and introduced widespread fiscal and current account adjustments to stabilize its finances. Those efforts, along with a more favorable external environment, have helped it return to growth. The following infographic shows Greece’s long journey back from the brink with real GDP rising 1.4 percent in 2017. It is expected to reach 2 percent this year and 2.4 percent by 2023.
*Click below to enlarge (charted by Statista)
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