ING: A significant turnaround – Southern Europe’s recovery led by Greece

After decades of labor underperformance and high unemployment, the European south, led by Greece, is enjoying an impressive recovery in the labor market, in contrast to the slowing north, says Dutch bank ING.

A new page is being written in the economic history of the eurozone. From 2023 onwards, the European south, and especially Greece, is making remarkable progress in the labour market, with unemployment falling dramatically and employment strengthening in the private and public sectors. This development is not only about --pandemic recovery, but seems to be a structural shift that reinforces north-south convergence, with decisive implications for economic policy and ECB decisions.

From the beginning of 2023, the South of the Eurozone,