Greece’s Economy Projected to Grow Nearly 3% in 2021, Despite Downward Revision in Growth Estimates

Greece’s economy is projected to grow by 2.1% this year, according to IOBE, a country’s think-tank. This forecast has been revised down from the previous estimate of 2.4% in January. Despite the downward revision, Greece’s economy is still expected to grow nearly 3% this year, approaching its pre-crisis size in 2009.

The Greek government had estimated growth of 2.9% for this year, but the new projection is lower than that. However, it far exceeds the euro zone average of 0.8%. Key drivers of economic activity in Greece this year are expected to be tourism, investment, and private consumption.

Tourism is expected to continue to play a significant role in driving growth in Greece’s economy, with foreign visitors spending more money on accommodations and activities than ever before. Investment is also expected to increase as companies look to take advantage of low interest rates and increased demand for goods and services in the country. Private consumption will also remain strong as Greeks continue to feel more confident about their financial situation and spend more money on consumer goods and services.

Overall, while there may be challenges ahead that could impact Greece’s economic performance, the outlook for its economy remains positive with strong growth expected in the coming year. With tourism, investment and private consumption driving growth, Greece’s economy is on track for a solid performance in the near future.