Greek economic growth to slow to 1.1% from 5.1% in 2023

Economy
Wed, 11 Jan 2023 8:58 GMT
War in Ukraine directly affects Greece’s energy supply, cost, according to OECD.
Greek economic growth to slow to 1.1% from 5.1% in 2023

War in Ukraine directly affects Greece’s energy supply, cost, according to OECD.

Greek economic growth will slow to 1.1% in 2023 from 5.1% in 2022, according to a report Tuesday by Organisation for Economic Co-operation and Development.

Though the country’s economy strongly recovered thanks to better-than-expected tourism revenues and improved consumer spending and investments since the lifting of coronavirus restrictions, rising energy costs, supply disruptions and renewed uncertainty, peculiarly from the war in Ukraine, are sharply slowing the recovery, it said.

“The war is directly affecting Greece’s energy supply and costs. Its indirect effects are compressing spending and delaying investment and hiring,” the report said.

The report, however, said funds from the EU’s recovery and resilience scheme and government support for energy consumers were moderating the shocks and will help economic recovery resume “once security situation and energy prices stabilize.”​​​​​​​

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