Greece will reduce its public debt this year and will return to primary budget surpluses from 2023, the International Monetary Fund in a report released on Wednesday.
The IMF report projected that the general government's deficit will reach 10.2% of GDP this year, from 10.5% in 2020, to drastically fall to 4.3% in 2022 and to continue falling to 1.6% of GDP in 2026.
The primary deficit - excluding interest payment on public debt - is projected to fall to 7.3% of GDP in 2021 from 7.5% last year and to drastically fall to 1.3% in 2022, while it expects the primary deficit to return to surplus of 0.2% in 2023, rising to 1.5% in 2026.
Public spending in Greece is expected to fall from 60.7% of GDP in 2020, to 59% this year and 52.4% in 2022, falling to 48.3% of GDP in 2026.
Public revenue is projected to fall to 48.1% of GDP in 2022 and 2023, from 48.8% this year, falling to 46.8% in 2026.
Greece's debt hit 211.2% of GDP in 2020, and it is projected to fall to 206.7% in 2021 and to 179.6% in 2026.
READ MORE: Greek economy to recover 2020 losses by end of 2022.
This post was last modified on October 14, 2021 6:40 pm