The Greek economy is expected to grow by 3.5% this year despite the war in Ukraine, the International Monetary Fund (IMF) said its staff concluding statement of the 2022 Article IV consultation mission released on Friday, according to ANA.
In its report, the IMF noted that the Greek economy recovered strongly from the severe COVID-19-induced recession in 2020. Output returned to its pre-pandemic level in 2021, reflecting a faster-than-expected tourism recovery, rising private consumption as households started to unwind pandemic-related savings, and robust private investment supported by surging foreign direct investment. The strong fiscal response, accommodative monetary policy and prudential policies, and sizable EU support have been key to fostering the recovery.
Growth is expected to remain robust in spite of the adverse impact of the war in Ukraine and high inflation. These factors are expected to reduce growth this year by a full percentage point to 3.5 percent. Stronger and more persistent energy price growth is expected to push up average inflation to 4.5 percent in 2022 before it settles at 1.9 percent over the medium term.
Read more at thenationalherald.com
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
