Greece’s Economy Projected for Fast Growth in 2024
Greece is on track to see faster economic growth in 2024, thanks to projections of increased tourism, higher investment, and domestic demand. The government’s final budget for 2024 shows an expected economic output increase of 2.9%, up from the 2.4% expansion projected for this year. This growth is expected to be boosted by European Union recovery funds, with Greece set to receive more than 55 billion euros from EU structural and recovery funds by 2027.
In addition to this influx of funds, investment is projected to grow by about 15.1% in 2024, more than double compared with the current year. With Greece regaining investment grade status for its debt, the economy is strengthening and attracting investment. There are plans for public asset sales, and the budget also includes pay raises for civil servants and pensioners.
The country expects to achieve a primary budget surplus of 2.1% of gross domestic product in 2024, which is crucial for debt sustainability. While public debt remains high, it is anticipated to decrease from 160.3% of GDP this year to 152.3% of GDP in 2024. Greece’s strong economic performance is also evident in higher than expected tax revenues and projections for declining annual inflation rates and unemployment figures.
To further support its financial outlook, the government has prioritized economic growth by providing measures such as a reserve for natural disasters and raising funds from state asset sales. With the economy showing significant signs of recovery, Greece is optimistic about its financial outlook for