Greek economy seen growing by 4.8% in 2022, central banker says

Greek economy seen growing by 4.8% in 2022, central banker says

Greece’s economy is seen growing by 4.8% in 2022 after an estimated 4.2% recovery this year, the country’s central banker said in a TV interview on Sunday.

The economy contracted by 8.2% last year, less than expected, despite much lower tourism revenues and tough restrictions the Greek government imposed to contain the spread of the coronavirus pandemic.

In an interview with Greek Antenna television aired on Sunday, Bank of Greece Governor Yannis Stournaras said that the bank’s growth projections were uncertain as the pandemic still posed serious risks.

Greece’s economy is expected to grow by an annual rate of about 3.5% in the current decade thanks to the billions of euros from a recovery package agreed with EU leaders last year and other EU funds, Stournaras said.

“A 3.5% (growth rate) in the decade is a very realistic target for me, as long as we move fast,” he said, adding that Greece should reform its state sector to be in a better position to absorb those funds.

Greece is expected to get some 32 billion euros in grants and cheap loans from the European Union recovery fund in the coming years.

While the country had fared better than many other European countries, a surge of Covid-19 infections forced the government in November to reimpose a lockdown it had previously lifted.

Greece hopes that millions of free home-testing kits it began distributing this week and ramping up of Covid-19 vaccinations will help reopen its tourism sector next month and save the all-important summer season.

SEARCH

[%EVENTS_SIDEBAR%]
Previous Next
Close
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using


These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.


These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.


These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.