Staikouras: The economy is showing remarkable resilience, adaptability and dynamism

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“Greece in 2022 seems to have had at least double the economic growth rate of the average European average and in 2023 it is estimated that it will have three times the number”, said the Minister of Finance from Thessaloniki

The Greek economy, despite the adverse international conditions, demonstrates remarkable resilience, adaptability and dynamism, emphasized Finance Minister Christos Staikouras in his videotaped speech, which was shown at the 6th Thessaloniki Development Conference. The conference was organized by the Hellenic Research and Development Institute, with the central theme “Thessaloniki and Central Macedonia: from development to renewal”.

As Mr. Staikouras pointed out, Greece in 2022 seems to have had at least double the economic growth rate of the average European average and in 2023 it is estimated that it will have tripled. At the same time, he emphasized that exports and investments in 2022 reached record levels and according to the European Commission, Greece will be a champion in the growth rate of investments in the period 2022-2024.

In addition, as the finance minister said, “red loans” in banks’ portfolios shrank from 44% to single digits in the third quarter of 2022, household and business deposits rose dramatically and the debt-to-GDP ratio fell by 50 percentage points. , which constitutes a pan-European record of the last decades.

The Minister of Finance also noted that the achievements of the Greek economy are recognized worldwide, pointing out that the rating agencies “upgraded us 11 times in the last three years”, while “we are very close to achieving another important goal for the economy, which is the recovery of investment grade in 2023”. However, he underlined that, mainly due to the unstable international environment, “the situation remains difficult and fluid, although particularly optimistic for Greece”.

In order to face a series of challenges such as high private debt and inflation, Mr. Staikouras emphasized that it is necessary to continue in 2023 the implementation of an “integrated, realistic and responsible planning.

Among the government’s priorities, added the Minister of Finance, are the maintenance of the existing fiscal stability, the interventions to deal with the economic effects of the energy crisis or more precisely, the support of the disposable income of the citizens, the strengthening of social housing and the residence and the utilization of the resources of the Recovery and Resilience Fund as well as the Public Investments program.

He also underlined that the ND government “ensures the development course of the country, the uninterrupted support of society, without jeopardizing fiscal stability, attracts investments, reduces taxes and insurance contributions, creates new jobs, supports disposable income of the households. It enhances the country’s prestige, position and image on the world stage and safely steers the ship of the economy in difficult times.” As he characteristically said, this is “a government of seriousness, efficiency, reliability, consistency and stability”.

RES-EMP

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