Τhe Greek economy is expected to grow by 3.7% in 2021 and by 5.9 pct in 2022, Citigroup said in a report on Wednesday, while the economy contracted less than anticipated in 2020 (-8.0 pct from -10 pct the median forecast and Citi’s -9.2 pct forecast), Giada Giani, a US bank’s economist said.
Greece is supposed to be the third most benefited country from the EU’s Recovery Fund (following Bulgaria and Croatia), with its funds capable of boosting the country’s annual GDP by 1.5 pct by 2025.On the other hand, the country’s fiscal surplus of 1.5 pct of GDP in 2019 turned to a deficit of around 11 pct in 2020 because of the pandemic, while Greek bonds’ purchases by the European Central Bank supported the country’s borrowing cost and contributed in facilitating financial conditions in the country.Long-term challenges still remain, however, with growth outlook weak despite economic reforms, due to negative demographics and the coutnry’s limited export competitiveness, although Recovery Fund’s money could really improve the business environment, boosting the dynamics of the economy.
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