Greece, leader in public debt reduction - Reason, implementation of structural reforms and economic growth
Greece shows the best potential in the world for reducing public debt, despite maintaining one of the highest levels of debt. According to UBS (Union Bank of Switzerland), this has been achieved thanks to sustained fiscal improvement and strong economic growth.
According to UBS estimates, the Greek economy's expansion rate is expected to reach 2.4% in 2026, up from 2.2% this year, the highest in the Eurozone. Although the figure will slow to 1.8% in 2027, it will still remain the strongest in the region.
The Swiss bank notes that global public debt has increased by 18% of GDP since 2019, while the debt ratio of developed countries exceeds 100% of GDP. UBS warns that most economies need additional fiscal improvements to stabilize public debt dynamics.
Calculating how far each country's primary balance is from stabilizing debt and preventing its growth, the institution notes that Brazil has the greatest need for improvement at the international level, at around 3.6% of GDP, mainly due to high real interest rates. The Latin American country is followed by Poland, Germany and the US, with a need for fiscal adjustments reaching around 2% of GDP.
On the other hand, Greece currently stands out as the best performing country, with debt as a percentage of GDP falling by 5% each year, according to UBS. The data shows that Greece can keep its debt ratio sustainable even if it registers a primary deficit of 2.4% of GDP.
“The government has been very successful in absorbing resources from the Recovery Fund, implementing structural reforms and reducing debt on a large scale through fiscal discipline,” the statement said. A key question for investors is whether these trends will continue after the 2027 elections, given current polls, which indicate that the next government will not be a one-party government.
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