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Economy

Stournaras: More Opportunities Than Risks for Greek Economy

December 22, 2021

ATHENS – The Bank of Greece (BoG) submitted its Interim Report on Monetary Policy 2021 to the Parliament on Wednesday.

BoG Governor Yannis Stournaras handed over the report to Greek Parliament President Constantine Tassoulas, to whom he said that “there are more opportunities than risks for the Greek economy today, as long as we respond positively,” according to a parliament announcement.

Despite an uncertain economic climate, Stournaras also noted, “Greece fared very well in 2021 and the outlook over the next few years is also looking good.” Growth in 2021 will turn out at around 8 pct, and it will reach approximately 5 pct in 2022 and 4 pct in 2023, he added, so Greece will have an average performance of 3 pct over the coming decade.

However, Stournaras pointed out that “the likelihood of a new Omicron variant outbreak, along with existing hurdles in supply chains increase uncertainty, and give rise to risks for the course of inflation and the recovery of global economy.”

In its report, the Bank of Greece highlighted that “the recent deterioration of epidemiological data, combined with the low vaccination coverage of the population relative to the European average, increases uncertainty and the risks for economic growth. Nevertheless, the medium- to long-term prospects for the Greek economy remain very positive, supported by the launch of investment projects and the implementation of reforms associated with the National Recovery and Resilience Plan.”

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