Greece Named Best-Performing Economy of 2023: What The Economist’s Ranking Means for Global Investors
February 2, 2024 · Greece · 7 min read
On January 29, 2024, The Economist ranked Greece’s economy as the best-performing in the world for the second year in a row.
On January 29, 2024, The Economist ranked Greece’s economy as the best-performing in the world for the second year in a row. The recognition reinforces Greece’s standing and builds confidence among international investors, helping the country attract foreign investment.
Greece’s economy outperformed expectations, surprising many economists. The country even topped the ranking ahead of major economies such as the United States, Japan, China, and Germany. The Economist’s index, based on changes in GDP, stock market performance, employment, and inflation, is a useful gauge for investors assessing a country’s economic prospects.
An improving financial picture and the outlook for global investors
Prime Minister Kyriakos Mitsotakis’s economic policies have delivered results. His re-election, with most of his government returning to office, reflects public confidence, and if the government stays the course, the Greek economy is expected to keep growing strongly in the years ahead.
In its latest World Economic Outlook (WEO) report, the International Monetary Fund (IMF) projects that Greece’s economy will grow by 2% in 2024, outpacing the average euro area growth rate of 0.7% to 1.2%. Unemployment is expected to fall to 9.3% in 2024 (from 10.8% in 2023 and 12.4% in 2021), and the budget deficit is projected to narrow to 6% of GDP (from 6.9% of GDP in 2023).
According to the Bank of Greece, net foreign direct investment (FDI) inflows into Greece exceeded €7.9 billion in 2022, the highest level since 2002. Notably, FDI into real estate alone reached a record €1.97 billion in 2022. In the first half of 2023, net FDI into real estate reached €1.1 billion, up 39.9% year on year.
Greece Golden Visa: Europe’s most popular residency by investment program in 2023
Greece’s stable economy and steady progress also give investors greater confidence in their plans to obtain European residency by purchasing real estate in Greece. The Greece Golden Visa program was also recently named Europe’s most popular residency by investment program of 2023.
Under the program as it stood at the time of writing, an investment of at least €250,000 (approximately US$280,000) in Greek real estate allowed investors and their families to obtain a Greek Golden Visa residence permit, with a range of advantages and benefits:
- The investment and application process typically takes 6–8 months, and much of it can be handled from your home country.
- Access to healthcare, education, and other benefits in Greece.
- Visa-free travel within the 29-country Schengen Area, with stays of up to 90 days in any 180-day period.
- After 7 years of residence, holders may become eligible to apply for Greek citizenship, and with it EU citizenship, subject to the naturalization requirements. Family members who become citizens can then live in any EU member state. The Greek passport offers visa-free access to 185 destinations.
At the time of writing, IMM Group was offering projects that met the €250,000 minimum qualifying investment for a Greek residence permit, including Aphrodite II, Avra Residence, V2 City, and other projects suited to different investor needs. All projects come from established developers with long track records in the market, selected to support both the residency application and the value of the investment.
Aphrodite II project
Avra Residence project
V2 City project
If you are considering residency by investment in Greece, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess the prospects of your application. We keep your personal data confidential and use the information you provide only to advise on your family’s case.
IMM Group
- Tags:
- Greece residency by investment
- Aphrodite II
- Avra Residence
- European citizenship
- Greek residence permit
- V2 City
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