Τhe Greek economy will grow at a slower pace this year compared with 2022, as a result of a slowdown in global economy in an environment of high inflation rate, tighter fiscal and monetary policy and uncertainty, the Foundation for Economic and Industrial Research (IOBE) said in its quarterly economic outllook report released on Wednesday.
IOBE expects the Greek economy to grow by 2.4% this year, with investments growing by 4% annually, combined with a weaker increase in private consumption (1.8%).
The Foundation expects a slight improvement in the current account balance with exports and imports growing by 4.5% and 3.3%, respectively. Employment is expected to be positively affected by tourism, exploitation of Recovery Fund money, higher investments and a slower increase in consumption and exports.
These factors are epxected to partially offset a negative impact on the labor market from higher wages and higher borrowing costs for enterprises. The unemployment rate is expected at 11% this year.
SOURCE; ANA-MPA
