Rochefeller International: Greece amongst 7 countries that seem prevailing global pessimism

They share some combination of relatively strong growth, moderate inflation or strong stock market returns — compared with other countries. By fascinating coincidence, most of them also defy deep biases about the supposedly dim prospects of certain countries, cultures and systems.

Greece is getting a boost from a revival in foreign investment — and in tourism, which Covid had cut from 20 to 15 per cent of its gross domestic product. Less than 10 per cent of bank loans are non-performing, down from 50 per cent during the crisis. Now growing at more than 4 per cent, with inflation coming down fast, Greece is enjoying one of the region’s healthiest recoveries.

Portugal is in a similar place. It is wisely investing support funds from the EU and reforming one of the continent’s most excessively generous pension systems, while a special “golden visa” attracts a tide of rich new émigrés. Perhaps not coincidentally, the best performing stock market in the developed world this year is Lisbon’s. The Pigs acronym is passé.

Saudi Arabia is leading a movement among Gulf states to diversify beyond oil. Reforms, including loosening restrictions on women, workers, tourists and nightlife, have helped push projected growth to nearly 6 per cent over the next two years.