Greece’s primary surplus is projected to increase to 2.1% of GDP in 2024, up from 1.9% in 2023, and is expected to remain at that level through 2029, according to the International Monetary Fund’s Fiscal Monitor report on global fiscal developments.
ECONOMY
Greek businessman Evangelos Mytilineos, president and CEO of Metlen Energy & Metals, was re-elected president of Eurometaux, the EU’s non-ferrous metals industry association.
Strong revenue growth, mainly stemming from social security contributions and corporate income tax, have been the main driver of Cyprus’ strong fiscal outcomes, which have “improved markedly in recent years,” international ratings agency Morningstar DBRS has said.
Indications are growing that despite outperforming the European Union average in terms of growth and public finances, the Greek economy has not developed the momentum that would allow high performance to be achieved in the medium term. On the contrary, forecasts point to a slowdown after the Recovery and Resilience Fund’s resources are exhausted.
Supermarkets continue to employ tricks in the presentation of offers that mislead consumers in a way that the “offers function as a conveyor belt for price increases,” as a senior official at the Development Ministry pointed out to Kathimerini.
The rising cost of living has emerged as the top concern for Greek citizens, according to a Metron Analysis survey presented at an event hosted by the Alexis Tsipras Institute in Piraeus on Tuesday evening, focusing on inflation and the challenges of the Greek economy.
The Greek banking sector is better placed than in the past to withstand potential shocks and perform its intermediation function, despite a slight deterioration in the asset quality of credit institutions, according to the Financial Stability Review released by the Bank of Greece on Tuesday.
The International Monetary Fund has raised its forecast for Cyprus’ economic growth in 2024 from 2.7% to 3.3%.
Supermarket chains are proceeding with reductions in the prices of basic products in response to a call by the Development Ministry.
Travel receipts decreased in August for the second month in a row, on an annual basis, despite the rise in arrivals of foreign visitors to Greece.
The global economy has been suffering from uneven growth in recent years
Prime Minister Kyriakos Mitsotakis sent a powerful political message at an event hosted by the Ministry of Development on Monday, about the country’s economic trajectory, firmly rejecting any return to the financial crisis that ravaged the country in the previous decade.
The redesign of the investment incentives law, both in terms of the business sectors that are strengthened and in terms of incentives, as well as the redistribution of resources, is at the heart of the interventions the government announced on Monday in its effort to transform Greece’s production model.
The plan to utilize properties owned by Hellenic Public Properties has entered the implementation phase, National Economy and Finance Minister Kostis Hatzidakis stressed on Monday.
The Central Bank of Cyprus on Monday calledfor caution over the circulation of counterfeit $100 banknotes in the Cypriot market.
Has the Greek government heard anything about the upgraded role of the state in the countries of advanced capitalism, or has it tightly secured its ideological blinders to protect itself from such an eventuality?
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