• Mon. Dec 11th, 2023

Greece’s Economy Forecasted for Strong 2.9% Growth in 2021 Due to Increased Investment


Nov 21, 2023

Greece’s economy is predicted to experience a significant boost in growth in 2024, thanks to projections of increased tourism, higher investment, and domestic demand. The government’s 2024 final budget anticipates an expected economic output increase of 2.9%, up from the 2.4% expansion projected for this year. This growth is expected to be fueled by European Union recovery funds, with Greece set to receive more than 55 billion euros from EU structural and recovery funds by 2027.

Investment in Greece is projected to grow by about 15.1% in 2024, more than double compared with the current year. With Greece regaining investment grade status for its debt, the economy is strengthening and attracting investment. The government has plans for public asset sales, and the budget also includes pay raises for civil servants and pensioners.

Greece expects to achieve a primary budget surplus of 2.1% of gross domestic product in 2024, which is crucial for debt sustainability. While public debt remains high, it is anticipated to decrease from 160.3% of GDP this year to 152.3% of GDP in 2024. Additionally, tax revenues are projected to be higher than expected due to the strong economic performance of the country.

The government has prioritized economic growth and has implemented measures such as a reserve for natural disasters and raising funds from state asset sales. With the economy showing significant signs of recovery, Greece is optimistic about its financial outlook for

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