OECD sees Greek economy growing 2.4% this year
The Greek economy is projected to grow by 2.4% this year and 2% in 2024, rising again to 2.4% in 2025, the OECD said in its economic survey report released on Wednesday.
The Paris-based organization said that Greece’s strong economic rebound from the Covid-19 crisis is being put to the test by surging energy and food prices and renewed global uncertainty.
The survey said that continued policy reforms over recent years have been a key factor behind the country’s robust post-pandemic recovery and have put the economy in a stronger position to face current headwinds.
GDP has returned to pre-pandemic levels, helped by effective government support, a revival in tourism and exports, and improved investor and consumer confidence.
Employment growth has been strong, creating over a quarter of a million new jobs since before the start of the pandemic, reducing the unemployment rate to a 12-year low of 11.6%.
To sustain the recovery, the survey recommends the better allocation of public spending, strengthening public revenues, improving the functioning of the labor market and keeping up efforts to create a more dynamic business sector.
“Greece’s robust and targeted policy response to the pandemic secured a strong and rapid recovery. The government’s Greece 2.0 recovery plan is already laying the strong foundations for Greece’s ability to tackle future challenges,” OECD Secretary-General Mathias Cormann said, presenting the survey.
