The positive outlook, falling debt and outperforming growth led S&P Global Ratings to single out the Greek economy. The analysts say the country maintains a positive outlook and may further upgrade the rating.

DEBT ASSESSMENT

Analysts estimate that growth in 2025 will reach 2.5% and debt will fall below 120% of GDP by the end of 2027. At the same time, the house points out that the European south is narrowing spreads with northern countries and seems to have achieved fiscal adjustment. 

In fact, the house estimates that the Greek economy's growth will be above the eurozone average in both 2026 and 2027. For 2026, it forecasts growth of 2.4% and for 2027, 2.3%.

UPGRADE RATING

The rating agency says that in order to upgrade the country's rating, the country needs to further reduce debt and continue structural reforms. The aim is to strengthen competitiveness, reduce the investment gap, and make use of the Recovery Fund. These, together with primary surpluses, create the right conditions for a future upgrade of the Greek economy's credit rating. According to the agency's forecasts, Greek debt will fall from 137.05% of GDP this year to 130.49% in 2025, 124.69% in 2026, and 119.31% in 2027.

OUTLOOK

Although the outlook is positive, however, there are still risks to the economy. In particular, S&P could revise the outlook to stable if the deficit does not narrow, the current account deficit issue worsens, and geopolitical crises intensify. Then the economy could underperform and reverse the outlook for the Greek economy.