Moody’s announcement Friday came a week after DBRS Morningstar upgraded Greece’s rating to investment grade. DBRS, Moody’s, Standard and Poor’s and Fitch are the four ratings agencies taken into account by the European Central Bank — with the latter two expected to recalibrate Greece’s sub-investment grade rating by the end of the year.
It said it expects Greece’s GDP to grow an average 2.2% annually in 2023-27 driven by investment and consumption, a “very significant improvement” compared to average growth of 0.8% in the five years before the pandemic. Moody’s said it sees the Greek government’s commitment to reform implementation and fiscally prudent policies as “credible and strong,” adding that there is also “broad consensus in society for these policies.”