Pandemic Goes On, But Greece Sees 3.6% Economic Rebound

September 1, 2021

ATHENS – Buoyed by tourism – and despite an unexpected fall in retail sales even during a discount period – Greece could see a 3.6 percent growth rate in 2021 even as the COVID-19 pandemic lingers, Finance Minister Christos Staikouras said.

He told the European Parliament’s Committee on Economic Affairs in Brussels that it could be even more than 4 percent despite the 18-month and counting health crisis that battered the economy with lockdowns.

 “The Greek economy has resisted” and “the way is open for a smooth and strong recovery,” he said, reported Kathimerini. The European Commission was even more upbeat, predicting 4.3 percent growth.

The key he said, is “an economic strategy with specific and realistic goals.” Greece, he added, “must achieve high levels of growth in 2021 and beyond,  increase investment and exports from 2021” and exit the surveillance by its European lenders in 2022.”

“These goals will be achieved by implementing an economic policy based on seven pillars, including targeted support for households and businesses, the continuation of tax cuts, the maintenance of high level of liquidity and the timely and efficient use of European funds,” he also added.


ATHENS - The growing use of Point-of-Service (POS) machines tying businesses directly to the tax department when transactions are made has helped cut deep into Greece’s shadow economy of using cash to avoid paying taxes.

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