Staikouras: The ten “bets” for the Greek economy in 2023

Ten “bets” are being set this year by the Ministry of Finance for the Greek economy, which is expected to operate in an environment of intense liquidity and worsening macroeconomic prospects in a large part of the global economy. And as Minister Christos Staikouras stated to the Athens Agency, “having, in fact, prudent fiscal management as a project, with the optimal utilization of available resources, we will effectively deal with the uncertainty of the period and conquer the central national goal for 2023 in the field of the economy, which is the achievement of investment grade”.

As the Minister of Finance points out, “bets” refer to:

– to ensure existing fiscal responsibility,

– in the implementation of interventions to deal with the economic effects of multi-level crises,

– the continuation and strengthening of tax reductions for households and businesses – mainly for the middle class,

– to support the disposable income of citizens,

-in the strengthening of social housing and housing,

-in the continuation of the implementation of structural changes,

-in the forward-looking utilization of the resources of the Recovery and Resilience Fund and the optimal execution of the Public Investment Program,

– in dealing with the high, accumulated private debt and limiting the risk, due to external crises, of creating new debt,

– to strengthen the National Defense,

– the active participation of the country, as has been done for the last 3.5 years, in the formation of the new European economic architecture.

According to Mr. Staikoura’s statement, “the dawn of the new year finds the global economy – and even more so the European one – facing multiple, significant challenges. Challenges arising, mainly, from the multi-level exogenous crises that last year bequeathed, as well as from the ongoing, internationally, shift to more contractionary fiscal and monetary policies.

In this environment of intense liquidity and deteriorating macroeconomic outlook in much of the global economy, Greece starts its journey to 2023 on more favorable terms, compared to many other European countries, as, over the last three years, it has managed to demonstrate high resilience , positive progress and promising prospects.

These characteristics and its dynamics are reflected in almost all the main indicators: the strong and stable growth of the Greek economy, the investments and exports that are significantly strengthened, the unemployment that is shrinking, the economic inequalities that are decreasing, the under-served loans from credit institutions, which now constitute a single-digit percentage of all loans, household and business deposits which have increased impressively in the last three years, public finances which have stabilized and are on a path of further improvement, and, finally, the enhanced prestige and the increased credibility of the country”.

He adds that: “at the same time, in 2022, with the completion of the early repayment of the IMF loans, the exit from the regime of enhanced supervision and the approval of the latest Greek debt relief measures, totaling 6 billion euros, we managed to turn page, leaving behind us the painful chapter of the financial crisis of the last decade.

All these achievements are very important and not at all taken for granted. They are collective achievements, of society and the state, for which we worked methodically, coherently and responsibly, under unprecedentedly difficult conditions.

Now, in 2023, we are called upon to further capitalize on these achievements and overcome old and new challenges.”

By implementing the ten-priority strategy, “we will preserve the fruits of the sacrifices of the previous years and further strengthen our economy and our country as a whole,” says the finance minister. Pointing out that “this is how we will manage to further improve the everyday life and prospects of every Greek man and woman. As a government, we continue and will continue to work in this direction, with a plan, knowledge, responsibility and determination, and I am sure that the citizens will appreciate this positively with their votes in this year’s polls.

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