Greece’s economy is set to see a significant boost in 2024 with projections of increased tourism, higher investment, and domestic demand. The government’s final budget for 2024 expects an economic output increase of 2.9%, up from the 2.4% expansion projected for this year. This growth is expected to be fueled by European Union recovery funds, with Greece set to receive more than 55 billion euros from EU structural and recovery funds by 2027.
Investment is also projected to grow by about 15.1% in 2024, more than double compared with the current year. This growth is being driven by Greece’s regaining of investment grade status for its debt and its attractiveness as an investment destination. The budget includes plans for public asset sales and pay raises for civil servants and pensioners.
Greece is also optimistic about achieving a primary budget surplus of 2.1% of gross domestic product in 2024, which is crucial for debt sustainability. While public debt remains high at 160.3% of GDP this year, it is anticipated to decrease to 152.3% of GDP in 2024 due to the government’s strong economic performance and measures such as state asset sales and natural disaster reserves.
The economy’s strong performance is evident in higher than expected tax revenues and projections for declining annual inflation rates and unemployment figures. The government has prioritized economic growth, providing for measures such as a reserve for natural disasters and raising funds from state asset sales to fuel this growth potential.
Overall, Greece’s financial outlook looks promising as it continues to recover from the pandemic’s effects, with the government implementing policies that are aimed at promoting economic growth and stability over the long term.
In conclusion, the Greek economy is expected to experience faster growth in the coming years thanks to increased tourism, higher investment levels, and domestic demand. The government has implemented policies aimed at promoting economic growth while addressing issues related to debt sustainability. With ongoing support from European Union recovery funds and favorable economic indicators such as declining inflation rates and unemployment figures, Greece remains optimistic about its financial outlook moving forward into the future