Greek Economy Set for 2.9% Growth in 2021 Due to Robust Investment

Greece is projected to have a stronger economy in 2024, with projections of increased tourism, higher investments and domestic demand. The government’s final budget for 2024 shows an expected increase in economic output of 2.9%, compared to the 2.4% expansion predicted for this year. This growth is expected to be boosted by European Union recovery funds, with Greece set to receive more than €55 billion from EU structural and recovery funds by 2027.

Investment is projected to grow by around 15.1% in 2024, more than double compared to the current year. With Greece regaining investment grade status for its debt, the economy is strengthening and attracting investment. The budget also includes salary increases for civil servants and pensioners, as well as plans to sell public assets.

Greece expects to achieve a primary budget surplus of 2.1% of gross domestic product in 2024, which is key to debt sustainability. Although public debt remains high, it is expected to decrease from 160.3% of GDP this year to 152.3% of GDP in 2024. Greece’s strong economic performance is also evident in higher than expected tax revenues and projections falling annual inflation and unemployment rates.

The government has prioritized economic growth, envisaging measures such as a reserve for natural disasters and raising funds from the sale of state assets. With the economy showing significant signs of recovery, Greece is optimistic about its financial outlook for 2024 and beyond.