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Economy

Greek Economy Will Not Fall Into Recession, Minister Says

October 19, 2022

ATHENS – The Greek economy “will not fall into recession, unless any extreme scenarios emerge,” Finance Alternate Minister Theodore Skylakakis said on Wednesday.

Speaking in Parliament, during a debate on the 2023 draft budget plan, Skylakakis said the draft budget scenario was based on very conservative estimates: “We have adopted a realistic negative scenario, to have a proper management of expectations and to deal with this situation of extreme uncertainty with calm.”

The minister noted that the 2.1% growth estimate was based on increased investments, which included both quality and productive investments. “That’s why we believe that we will manage to avoid an economic recession, achieving fiscal goals, possibly even better than in 2021,” he said. Skylakakis said a precondition for obtaining the investment grade from credit rating agencies was political stability and an investment-friendly policy.

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