The minister also emphasized that the recent natural disasters in Greece and other countries strongly remind us of the necessity to move forward quickly with plans to deal with and mitigate the effects of climate change
He mentioned the priorities of the Greek government’s economic policy today the Minister of National Economy and Finance, Kostis Hatzidakis, during the Eurogroup and ECOFIN meetings in Santiago de Compostela, Spain, underlining that Greece, based on the progress it has achieved in the last four years, will remain on the path of fiscal stability and will proceed decisively with the reforms that need to be completed, focusing among others on the fight against tax evasion.
“In Greece, the rates of economic growth remain very satisfactory, taking into account the bigger picture and the slowdown in the eurozone economy. As the latest figures showed in the second quarter we achieved a growth rate of 2.7% on an annual basis. It is positive that the growth drivers of the Greek economy are the increase in investments and exports. The investment grade recovery based on the recent upgrade by the DBRS rating agency was an excellent development for Greece“, noted the minister.
Referring to the natural disasters caused by climate change, Europe’s biggest wildfire on the Evros in the summer and the recent floods in Thessaly, Mr. Hatzidakis thanked the European Commission for the readiness it showed in the extraordinary meetings in Strasbourg and its solidarity, assuring his counterparts that: “Despite the difficulties, the Greek government will stick to the budget goal of achieving a primary surplus of 0.7% of GDP.”
The minister also emphasized that the recent natural disasters in Greece and other countries strongly remind us of the necessity to quickly move forward with plans to deal with and mitigate the effects of climate change in Europe and worldwide. In this regard, he underlined the need to urgently increase investments for climate adaptation.
They were discussed at the Eurogroup the summer economic forecasts of the European Commission which were presented on September 11. Contrary to usual practice, the Commission this year only presented forecasts for six Member States and not for all Member States. It revised down its estimate for the growth of the EU and eurozone economy compared to the corresponding spring forecasts. The estimate for eurozone GDP in 2023 was cut to 0.8% from 1.1% and to 1.3% from 1.6% in 2024. Although it avoided recession, economic activity in the first half of this year was subdued.
The reduced growth potential mainly due to the weakening of domestic demand due to increased inflation and the impact of the European Central Bank’s monetary tightening The war in Ukraine and wider geopolitical tensions continue to pose risks and be a source of uncertainty.
The Minister had bilateral meetings with the Finance Ministers of France, Mr. Bruno Le Maire, and of Germany, Mr. Christian Lindner, during which they discussed issues related to the new stability pact. He also had meetings with the Finance Ministers of Poland, Mrs. Magdalena Rzeczkowska and of Lithuania, Mrs. Gintarė Skaistė on a number of issues of common interest.
At the ECOFIN where the minister participated, the growing financial needs of Latin American countries were discussed, among other things, after the agreement of the leaders of the EU and the CELAC countries in July 2023 to mobilize financial resources to accelerate the green and digital transition of the countries of Latin America and the Caribbean (LAC).
Source: Skai
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