The Minister of National Economy and Finance Kostis Hatzidakis referred to the 6 axes of the economic policy that will be implemented over the four-year period, speaking at The Third Thessaloniki Metropolitan Summit and pointing out that “the bet is to pick up the pace and essentially converge with the EU average from income side”. And he added that “the combination of right mix of economic policy and political stability, they open a new window for the economy”.

The six axes are as follows:

1. Fiscal stability, which is the foundation on which the success of economic policy rests.

Next Monday, the minister said, the draft budget for 2024 will be tabled, with estimates for 2023. Despite the lingering aftershocks of the energy crisis and unprecedented natural disasters, the budget is being executed and will be executed normally, he said. And he pointed out that “we combine social sensitivity with fiscal seriousness”.

2. Redirection of the production model

The country should take advantage of the advantages it has (e.g. pharmaceutical industry, agri-food sector) and diversify the export mix.

3. Increasing workforce and enhancing skills

The minister referred to the new reduction in insurance contributions from 2025, the incentives for young people and women in the labor market and the upgrading of training programs.

4. A robust banking system, which also means a robust economy

The four objectives in this specific axis relate to dealing with outstanding issues through the “Hercules” program, to reducing the “scissors” in lending and deposit interest rates (and with the possibility of granting loans from non-banking institutions as well), to reducing the participation of the HFSF and in the further treatment of “red” loans.

5. Strengthening of investments

This, Mr. Hatzidakis said, will contribute to the modernization of the public administration, the acceleration of the issuance of judicial decisions, the more systematic utilization of public property (mainly real estate) and the utilization of the NSRF and the Recovery Fund. According to the minister, Greece has the highest per capita absorption at EU level.

6. Combating tax evasion

The minister talked about the use of digital tools for the necessary intersections and the fair taxation of everyone. By tackling tax evasion, he added, the goal of an even greater reduction in tax rates will be achieved.

Concluding, the minister said that “just like in sports, a winning team doesn’t change, so you don’t change an economic policy that has results”. And he pointed out that “what we are doing is a patriotic duty. We have an obligation to all Greeks to succeed and we will succeed.”