A recent analysis by Fitch Solutions regarding the impacts of a broader war in the Middle East on the economies of various countries reveals that Greece’s economy is quite exposed to a potential escalation in the region. Describing the risks stemming from the Middle East and North Africa (MENA) region, the Fitch’s BMI report highlights that net oil imports from the region amount to 6.9% of its GDP, and energy accounts for 8.2% of the Consumer Price Index basket. It further stresses that Greece’s high public debt, exacerbates its vulnerability to economic disruptions related to oil supply and price fluctuations. Data shows that Greece’s dependence on Middle Eastern oil is the highest among developed economies, as is its reliance on exports to the Middle East and North African region. Specifically the Greek economy is considered the sixth most exposed, with a score of 34.6 points.

Source: The North Africa Journal October 11, 2024 10:04 UTC