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Greece’s economy is projected to experience a significant surge in growth in 2024, thanks to the projections of increased tourism, higher investment and domestic demand. The government’s final budget for 2024 expects an increase in economic output of 2.9%, up from the current year’s projected expansion of 2.4%. This growth will be facilitated by the influx of funds from the European Union (EU), with Greece set to receive more than €55 billion from EU structural and recovery funds by 2027.

In addition, investment is expected to grow by about 15.1% in 2024, significantly higher compared with this year’s projection. Greece has regained its investment grade status for its debt, indicating that the economy is strengthening and becoming more attractive to investors. There are plans for public asset sales, and the budget also includes pay raises for civil servants and pensioners.

The country aims to achieve a primary budget surplus of 2.1% of GDP in 2024, which is essential for debt sustainability. While public debt remains high at present, it is anticipated to decrease from 160.3% of GDP this year to 152.3% of GDP in 2024 due to Greece’s strong economic performance. The government has prioritized economic growth by providing measures such as a reserve for natural disasters and raising funds from state asset sales.

Greece’s financial outlook looks promising for the future as it experiences higher-than-expected tax revenues and projections for declining annual inflation rates and unemployment figures. With these positive indicators, Greece is optimistic about its financial prospects for the years ahead.

In summary, Greece’s economy is expected to experience a robust growth rate in 2024 due to increased tourism, higher investment and domestic demand, coupled with influxes of funds from EU recovery programs and state asset sales. The government has prioritized economic growth while taking measures towards debt sustainability, leading to a positive financial outlook for Greece beyond this year.

By Editor

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