Greece’s economy is projected to experience a significant rebound in 2024, thanks to several factors that are expected to boost growth. Firstly, tourism is projected to increase significantly, which will drive demand for goods and services. Secondly, investment is expected to surge by more than 15% in the coming year, as Greece regains investment grade status for its debt.
According to government projections, the economy is expected to grow by 2.9% in 2024, up from the 2.4% expansion forecast for this year. This growth will be fueled by a combination of factors, including increased tourism, higher investment, and domestic demand. The government’s final budget for 2024 shows that it expects an increase in economic output of this magnitude.
The influx of funds from the European Union (EU) is also expected to contribute significantly to annual growth. Greece is set to receive more than 55 billion euros from EU structural and recovery funds by 2027. This money will be used to fund various projects aimed at boosting economic development and creating jobs.
In addition to these factors, the government has taken steps to improve the overall financial health of the economy. It has prioritized debt sustainability and plans to achieve a primary budget surplus of 2.1% of gross domestic product (GDP) in 2024. This surplus will help reduce public debt levels from their current high of 160.3% of GDP down to 152.3% of GDP by the end of next year