Greece is projected to experience faster economic growth in 2024, thanks to increased tourism, higher investment, and domestic demand. The government’s final budget for 2024 shows an expected increase in economic output of 2.9%, up from the 2.4% expansion projected for this year. This growth is expected to be supported by European Union recovery funds, with Greece set to receive more than 55 billion euros from EU structural and recovery funds by 2027.
Investment is projected to grow by about 15.1% in 2024, almost double compared with the current year. Greece’s regaining of investment grade status for its debt has strengthened the economy and attracted investment. The government has plans for public asset sales and has included pay raises for civil servants and pensioners in the budget.
The country expects to achieve a primary budget surplus of 2.1% of GDP in 2024, which is crucial for debt sustainability. Although public debt remains high at 160.3% of GDP this year, it is anticipated to decrease to 152.3% of GDP in 2024 due to strong economic performance and higher tax revenues. Additionally, projections show declining annual inflation rates and unemployment figures.
The Greek government has prioritized economic growth by providing measures such as a reserve for natural disasters and raising funds from state asset sales. With the economy showing significant signs of recovery, Greece is optimistic about its financial outlook for 2024 and beyond