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BoG Governor: High Growth Rates of Greek Economy Expected in Coming Decade

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Bank of Greece Governor Yannis Stournaras. (Photo by Eurokinissi/ Yiorgos Kontarinis)

ATHENS -- Greece's economy may return to pre-pandemic levels even before the end of 2021, Bank of Greece Governor Yannis Stournaras said in an interiew published Saturday, while he foresaw high growth rates of 3.5% on average per year in the next decade.

These high rates, he told Ta Nea newspaper, will contribute to reducing the debt-to-GDP ratio: from 200% of the GDP this year, the debt will drop to 187% in 2022.

Stournaras attributed the high growth rates to a combination of strong recovery and infrastructural reforms implemented, which could also allow the European Central Bank to continue buying Greek bonds even after the expiration of the emergency program.

He also said that due to recent government measures that were made possible by higher tax revenues, some 4.4 billion euros will be channeled to the economy in the second half of 2021.