Greek economic system to develop by 4.5% subsequent yr -fiscal council

Individuals make their means in entrance of the Financial institution of Greece in Athens June 11, 2014. REUTERS/Yorgos Karahalis/File Photograph

ATHENS, Nov 19 (Reuters) – Greece’s economic system is projected to develop by 4.5% subsequent yr after a stronger-than-expected rebound this yr on increased tourism revenues and a lift from state assist measures, the nation’s fiscal council mentioned on Friday.

The federal government expects the economic system to develop about 7% this yr, higher than the 6.1% it had projected in October’s draft funds, Finance Minister Christos Staikouras mentioned on Thursday.

The fiscal council, an unbiased physique that evaluates macroeconomic projections, mentioned it adopts the federal government’s projections but in addition mentioned there have been dangers for 2022.

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“Fiscal dangers could come up from any resurgence of the pandemic that may require new measures to assist the economic system,” it mentioned. “Extended inflationary pressures – particularly in power – would possibly require compensatory measures.”

Greece, which emerged from a decade-long monetary disaster in 2018, noticed its economic system droop by about 9% final yr amid pandemic restrictions and a collapse in tourism revenues.

The federal government is anticipated to submit the ultimate model of its 2022 funds to parliament afterward Friday and this can be voted on earlier than the yr finish.

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Reporting by Lefteris Papadimas. Enhancing by Jane Merriman

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