Greece is projected to experience faster economic growth in 2024, driven by increased tourism, higher investment, and domestic demand. According to the government’s final budget for 2024, the economy is expected to grow by 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 from EU structural and recovery funds by 2027.
Investment in Greece is projected to increase by about 15.1% in 2024, more than double compared with the current year. The country’s regaining of investment grade status for its debt is contributing to this strengthening of the economy and attracting investment. Plans are being made for public asset sales, and the budget also includes pay raises for civil servants and pensioners.
The government aims to achieve a primary budget surplus of 2.1% of GDP in 2024, which is crucial for debt sustainability. While 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, higher tax revenues, declining annual inflation rates and unemployment figures.
Greece has prioritized economic growth through measures such as a reserve for natural disasters and funding from state asset sales. With significant signs of recovery evident in the economy, Greece remains optimistic about its financial outlook for the future years ahead