Greece’s Accelerating Recovery Seen Hitting 2023 Speed Bump

ATHENS – With tourism even during the waning COVID-19 pandemic propelling a rebound set to bring growth of 5.3 percent in 2022, rising energy costs and soaring inflation will put the brakes on in 2023.

Domestic demand is also seen slowing because households are trying to deal with electric bills, winter energy supplies and supermarket prices that have gone up so much that food stores said they will try to limit those on 50 core products.

The growth for 2023, said Reuters in a report, is expected to be only about 2.1 percent, according to the New Democracy government’s 2023 budget estimates that affect a crucial election year.

In 2022, Greece is expected to achieve a 0.7 percent of Gross Domestic Product (GDP) primary surplus – which excludes interest on debt, the cost of running municipalities, state enterprises and some military expenditures – from a 1.7 percent budget deficit in 2022, showing a rosier picture being developed.

The primary surplus target for 2023 is achievable even in a more unfavorable scenario “due to the resilience of public revenues and the margin of fiscal restraint”, National Bank’s Senior Economist Nikos Magginas told the news agency.

“The 2023 budget is being drafted under conditions of extremely high uncertainty, regarding geopolitical developments at a global level,” Finance Minister Christos Staikouras and Deputy Finance Minister Theodore Skylakakis said in a statement, referring to the effect of Russia’s invasion of Ukraine that spiked energy costs.

The country’s debt, the highest in 19-member Eurozone, is seen falling to 161.6 percent of GDP from 169.1 percent in 2022, the draft estimate indicated.

The draft budget forecast annual inflation will ease to 3 percent by the end of 2023, from 8.8 percent this year, the highest in almost 30 years, while joblessness is seen dropping slightly to 12.6 percent from 12.9 percent.


BOSTON – The removal of Archbishop Elpidophoros from the Archdiocese of America appears to be in its final stages, as indicated by a brief face-to-face meeting and discussion between Ecumenical Patriarch Bartholomew and the Prime Minister of Greece Kyriakos Mitsotakis.

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NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


Alberto, Season’s First Named Tropical Storm, Dumps Rain on Texas and Mexico, Which Reports 3 Deaths

TAMPICO, Mexico (AP) — Tropical Storm Alberto rumbled toward northeast Mexico early Thursday as the first named storm of the season, carrying heavy rains that left three people dead but also brought hope to a region suffering under a prolonged, severe drought.

BERLIN  — Austria picked up a crucial win at the European Championship by defeating Poland 3-1 in its second group match and leaving the Poles on the brink of elimination on Friday.

DUESSELDORF, Germany  — It's all about resilience for Ukraine at the European Championship, whether on the field or trying to inspire those at home in wartime.

WASHINGTON (AP) — The Supreme Court on Friday upheld a federal gun control law that is intended to protect victims of domestic violence.

Armenia said it would recognize a Palestinian state on Friday, prompting Israel to summon its ambassador for what the Foreign Ministry described as a “severe reprimand.

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