IOBE: Greek econ growth at 2.4% this year

The Greek economy is expected to grow at a slower pace in 2023, compared with the previous year, on the back of a slowdown in global economy due to continuing hikes in inflation, tighter fiscal and monetary policies and uncertainty, the Athens-based Foundation for Economic and Industrial Research (IOBE) forecast on Wednesday, in unveiling its quarterly economic outlook report.

IOBE predicts Greek economic growth at 2.4 percent this year, while investments are expected to increase by 4 percent annually, but in tandem with a slower increase in private consumption (1.8 percent).

The research center expects a slight improvement in the current account balance, with exports and imports up by 4.5 percent and 3.3 percent, respectively.

Employment is expected to be positively affected by the tourism sector, invested capital via the Resilience and Recovery Fund, as well as continued investments.

Positive factors are expected to partially offset any negative impact on the labor market from expected wage hikes and higher borrowing costs for businesses.

The unemployment rate is expected ease to 11 percent this year.