ING, in a report on Tuesday, said double-digit inflation now recorded in Greece may slow down domestic consumption, however, projected strong tourism revenues will buttress the Greek economy, which is forecast to growth by 4.2 percent in 2022.
According to ING economist Paolo Pizzoli, Greece’s economic growth will slow to an uninspiring 1.7 percent in 2023, only to rise to 2.3 percent in 2024. At the same time, the inflation rate in the east Mediterranean country will top out at 9.7 percent (on an annual basis) in 2022; 3.9 percent in 2023 and 1.9 percent in 2024, the report forecasts.
ING estimates that the war in Ukraine and its repercussions (energy crisis, food supply) will not derail Greek economy recovery, at least in the short term. At the same time, domestic consumption in the country is expected to have eased in the second quarter.
Latest News
Foreign-Owned Businesses in Greece Thrive in Trade and Services
Despite government efforts to attract foreign investment, only 0.6% of all businesses across Greece are foreign-owned.
41st Athens Marathon- Traffic Regulations in Athens from Thursday to Sunday
Traffic regulations will be implemented gradually, starting from Thursday, as part of the 41st Athens Marathon.
Greek Households Most Pessimistic in Europe: IOBE Report
Over six in ten (65%) of households said that their financial situation worsened over the past year
JP Morgan Remains ‘Bullish’ on Greek Banks
JP Morgan reiterated its analysis of DTCs, prompted by Piraeus Bank’s plan to accelerate their amortization
Source of Wealth Declarations for Greek Public Officials Made Easier
Source of wealth declarations are designed to improve transparency and prevent corruption among Greece's public officials. Yet 98% of Greeks still believe corruption is widespread in the country, according to Eurobarometer.
Greece’s Labor Market Slack Among Highest in EU
Greece ranks 4th in EU for labor market slack, mostly due to high unemployment levels, and has widest gender gap in the EU.
Livestock Crisis Threatens Greek Feta
Feta in particular, is Greece’s primary dairy export, with 65% of production going abroad.
Moldova’s Sandu Wins Second Term amid Meddling Claims
According to the Central Election Commission, with 98% of votes counted, Maia Sandu led with 54.35% to Alexandr Stoianoglo’s 45.65%
Attica Wins ‘Best Greek Hospitality Region’ at 2024 Awards
The Greek Hospitality Awards, now in their tenth year, are one of the premier tourism industry events at the European level
Greece Takes Command of EU’s Operation ASPIDES in Red Sea
The defense minister also visited the Greek frigate Spetsai, which is participating in Operation ASPIDES, while in the port of Djibouti