IMF: Greece to Return to Primary Surpluses from 2022

October 14, 2020

ATHENS — Greece will return to primary surpluses from 2022 after reporting higher primary deficits and public debts in 2020, the International Monetary Fund said its Fiscal Monitor report released on Wednesday.

The IMF based its 2020 forecasts on the belief that political interventions to manage the pandemic have led to a simultaneous drop in public revenue and a jump in public spending in the country.

More specifically, the IMF expects the country’s primary deficit to reach 6.0 pct of GDP this year and the GDP to contract by 9.5 pct, pushing the Greek public debt to 205 pct of GDP in 2020.

The Fund expects the fiscal deficit to be balanced in 2021 and to begin presenting primary surpluses from 2022 (1.4 pct of GDP), rising to 1.9 pct in 2023, 1.7 pct in 2024 and 1.5 pct in 2025. The country’s public debt is projected to reach 205.2 pct of GDP this year, from 180.9 pct in 2019 and to ease to 200.5 pct in 2021 and 187.2 pct in 2022.


ATHENS - The European Commission has revised its forecasts for the Greek economy downwards, envisaging a GDP growth of 3.

Top Stories

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.

General News

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

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.


Mitsotakis Meets with Biden at the White House (Video)

WASHINGTON, DC – Greek Prime Minister Kyriakos Mitsotakis met with US President Joe Biden at the White House on Monday, in the first day of an official two-day visit to the American capital.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

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