IMF forecasts Greek economy to grow in 2023 and 2024

Greek economy Greece growth rating

Growth rates for the Greek economy of 2.5% this year and 2% in 2024 are predicted by the International Monetary Fund (IMF) in its report on the world economy's prospects (World Economic Outlook).

Eurozone GDP growth is expected to be 0.7% this year and 1.2% in 2024, i.e. significantly lower than Greece's.

Regarding inflation, as measured by the harmonised index of consumer prices, the Fund predicts that it will decrease to average levels in Greece to 4.1% this year and to 2.8% in 2024, while for the Eurozone, it is forecast to decrease to 5.6% and 3.3%, respectively.

The decline in unemployment in Greece is predicted to continue, with its rate falling to 10.8% this year and 9.3% in 2024 from 12.4% last year.

The current account deficit is expected to narrow to 6.9% of GDP this year and further to 6% of GDP in 2024. The Eurozone is forecast to run a surplus of 1.2% of GDP this year, rising to 1.4% in 2024.

The global economy

For the global economy, the IMF says it has shown resilience to the successive crises of the pandemic and the Russian invasion of Ukraine, but the recovery remains slow and uneven.

It predicts global GDP will grow 3% this year, as forecast in June, and 2.9% in 2024, versus a marginally higher forecast in June. Forecasts remain lower than the historical average (period 2000-2019) of 3.8%.

For the US, it predicts a growth rate of 2.1% this year and 1.5% in 2024, while for the Chinese economy, 5% and 4.2%, respectively.

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