Greece Sees 2022 Post-Pandemic Rebound, 4.5% Growth

ATHENS – Moving attention from the COVID-19 pandemic to pushing faster recovery of the economy, Greece's New Democracy government expects growth to be down 4.5 percent in 2022, on the back of growing foreign investments and tourism.

That's less than the 6.1 percent expected for 2021 with hopes that the pandemic will end in 2022 although it's lingering longer than expected because of a rabid anti-vaxxer movement and people defying what's left of health measures.

That's far better than expected after lockdowns of non-essential businesses in 2020 that spilled over in 2021 shuttered many for six months or more and put people out of work, supported by state subsidies.

Investment alone is expected to rise 11.1 percent, said the financial news agency Bloomberg, doubling in 2022 as luxury resorts and hotels and other businesses smell a comeback for Greece's economy, along with the burgeoning 8-billion euro ($9.28 billion) development of the abandoned Hellenikon international airport on Athens' southern coast.

“Real GDP (Gross Domestic Product) is expected to increase by 4.5 percent in 2022 compared to 2021, driven by the steady growth rate of private consumption, the significant boost of investment by 23.4 percent and the further recovery of exports of services by 21 percent, amid rising foreign tourism,” a budget draft said, the report added.

Public debt is expected fall to 190.4 percent of GDP – a level that New Democracy while out of power said was unsustainable – but down from 205.6 percent in 2020, Greece owing almost twice what it takes in annually in revenues.

Three international bailouts of 326 billion euros ($378.27 billion) that began in 2010 and ended on Aug. 20, 2018 have failed to slow the country's soaring debt that grows by the second, and the loans repayments extending for decades.

Prime Minister Kyriakos Mitsotakis told a Cabinet meeting economic output would surpass pre-pandemic levels in 2022 although a continued high level of public spending on pandemic relief measures will further increase the annual budget deficit to an estimated 10 percent.

“The economy has already recovered more than two-thirds of the lost Gross Domestic Product in one year, even though economic activity still faced restrictive measures in the first half,” Finance Minister Christos Staikouras said, reported Reuters.

Fitch Ratings said Greece’s stronger-than-expected economic performance in the first half led it to upwardly revise its full-year 2021 GDP growth forecast to 6 percent, coming back fast in the second quarter even before tourists arrived.

“It seems that regaining the pre-pandemic GDP will take place sooner than expected, in the first half of 2022,” the National Bank’s Chief Economist Nikos Magginas told the news agency.


With the COVID-19 pandemic all but forgotten - despite still hospitalizing and killing people - tourists in 2023 returned to Greece in such numbers the sector is on a path to break records set in 2019 before the Coronavirus struck.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.


Lebanon’s Christians Feel the Heat of Climate Change in Its Sacred Forest and Valley (Vid)

BCHARRE, Lebanon (AP) — Majestic cedar trees towered over dozens of Lebanese Christians gathered outside a small mid-19th century chapel hidden in a mountain forest to celebrate the Feast of the Transfiguration, the miracle where Jesus Christ, on a mountaintop, shined with light before his disciples.

AUSTIN, Texas — A daylong series of attacks in Austin has left four people dead and at least three wounded, and a man believed to be connected to them and the deaths of two people near San Antonio was taken into custody, Texas authorities said.

Over 144 million people flocked to art museums around the world in 2022.

NEW YORK — Jonathan Majors' former girlfriend testified Tuesday that the actor was prone to fits of explosive rage, an escalating pattern that she said ultimately led to her assault in the backseat of a car and his career-halting arrest this past spring.

LONDON — You won't see Tom Hanks on one of those space tourism flights that whisk celebrities and millionaires on a suborbital jaunt for a few hours.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.