Growth in Greece is predicted to remain above the eurozone and EU average in 2022, 2023 and 2024, according to the Commission
Growth in Greece is forecast to remain above the eurozone and EU average in 2022, 2023 and 2024, according to winter economic forecasts of the European Commission which were released today Friday. As far as inflation is concerned, however, the Commission predicts that it will take shape to a high of 10% in 2022 before its phasing out in 2023.
Specifically, for Greece, the Commission predicts growth of 6% in 2022, 1% in 2023 and 2% in 2024.
For the eurozone, the Commission forecasts growth of 3.2% in 2022, 0.3% in 2023 and 1.5% in 2024, compared to growth in the EU of 3.3% in 2022, 0.3% in 2023 and 1.6% in 2024.
It is noted that the Commission’s forecasts for the growth of the Greek economy are revised upwards for 2022 compared to those of July (4% was the forecast for 2022) and revised downwards for 2023 compared to July ( 2.4% was the forecast for 2023).
As far as inflation is concernedthe Commission predicts that in Greece it will reach 10% in 2022 and will decrease to 6% in 2023 and to 2.4% in 2024. For the eurozone, the Commission predicts inflation at 8.5% in 2022, at 6, 1% in 2023 and to 2.6% in 2024. In the EU, inflation is forecast to reach 9.3% in 2022 and decrease to 7% in 2023 and 3% in 2024.
The fiscal deficit in Greece is forecast to reach (-4.1%) in 2022 and to decrease to (-1.8%) in 2023 and (-0.8%) in 2024. For the Eurozone, the Commission forecasts that the budget deficit will reach an average of (-3.5%) in 2022, (-3.7%) in 2023 and (-3.3%) in 2024. For the EU the Commission forecasts a budget deficit of to (-3.4%) in 2022, to (-3.6%) in 2023 and to (-3.2%) in 2024.
Greece has the highest public debt in the EU. According to the Commission, it is projected to reach 171.1% of GDP in 2022 and decrease to 161.9% in 2023 and 156.9% in 2024. For the eurozone, the Commission forecasts that fiscal debt will reach 93.6% of GDP in 2022, 92.3% in 2023 and 91.4% in 2024.
In the EU, fiscal debt is projected to reach 86% in 2022, 84.9% in 2023 and 84.1% in 2024.
Unemployment in Greece is predicted to remain stable at 12.6% in 2022 and 2023 and fall to 12.1% in 2024. In the eurozone, unemployment is forecast to reach 6.8% in 2022 and rise to 7.2% in 2023 before falling back to 7% in 2024 .In the EU, unemployment is forecast at 6.2% in 2022, 6.5% in 2023 and 6.4% in 2024.
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