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Significance
After the 2021-22 post-pandemic rebound, growth is stabilising at around 2%. Barring new external shocks, it is expected to remain at this level in the coming years. Improved macroeconomic conditions and its investment-grade rating is making Greece more attractive for foreign capital, helping to narrow the large investment-gap legacy of the crisis years.
Impacts
Simultaneous tightening of fiscal and monetary policy will constrain growth in 2024.
Better access to global capital markets after the investment-grade uprating and high cash reserves provide a cushion to the public finances.
Improved profitability and ongoing privatisation in the banking sector will enhance financial stability.
Keywords:
Greece,
EUR,
EU,
OPEC,
economy,
industry,
balance of payments,
foreign investment,
foreign trade,
growth,
prices,
aid,
consumer,
employment,
fiscal,
food,
investment,
labour,
natural disasters,
oil,
retail,
tourism,
wages,
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2024
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