IMF: Growth of 3.5% in 2022 and 2.6% in 2023 for Greece

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High energy prices are expected to push inflation up to 6.1% on average, while both growth and inflation are expected to slow in 2023 to 2.6% and 1.2% respectively.

THE economic development of Greece will remain “robust” in 2022, arriving 3.5% of GDP despite the “negative impact of the war in Ukraine, however high energy prices are expected push inflation up to 6.1% on average“, while “Both growth and inflation are expected to slow in 2023 to 2.6% and 1.2%Respectively, according to a press release issued on Tuesday International Monetary Fundwhich summarizes the conclusions of the so-called “Article 4 mission” for 2022.

As explained in the Statement of Conclusions of the IMF visit (or “mission”), public debt “Is on a downward trajectory and its refinancing risks seem manageable in the medium term”. However, they continue to exist “Falling risks” that overshadow the prospects of the Greek economy, especially in this case “Further escalation of the war in Ukraine” and because of still “Significant pandemic-related uncertainties”.

The Board of Executive Directors of the Washington International Financial Institution, however “Welcomes stronger-than-expected recovery” of the Greek economy after the pandemic attributed to “Strong fiscal response, loose monetary policy and prudent policies” as well as in “Remarkable EU support”.

Always in the estimation of the IMF, “Although the environment has been challenging, reforms have taken place in several areas, including digitization, privatization, improving fiscal policy, and restoring banks’ balance sheets.” The announcement also reminds that Greece repaid in April, earlier than scheduled, all outstanding IMF loans.

Source: ΑΠΕ-ΜΠΕ

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