Athens (Greece), October 5: Greece's gross domestic product (GDP) is projected to expand 6.1 percent in 2021 and 4.5 percent next year after contracting 8.2 percent in 2020, according to the government's 2022 draft budget that was tabled in Parliament here on Monday.
By the end of 2021, the Greek economy is expected to recover more than two-thirds of the losses suffered in 2020 due to the COVID-19 pandemic, Finance Minister Christos Staikouras noted in an e-mailed press statement.
The government initially forecast 3.6 percent GDP growth for this year a few months ago, but the first signs of the gradual return to normality are visible, he added.
The expansion of Greece's GDP is supported by a rebound in tourism revenues, private consumption, exports and investments, among others, according to the e-mailed draft budget.
The unemployment rate is projected to stand at 16 percent this year and 14.3 percent next year. The inflation rate is projected at 0.8 percent in 2022.
Greece's National Recovery and Resilience Plan is expected to increase the country's 2022 GDP by 2.9 percentage points, and the gradual return to normality, based to a large extent on the COVID-19 vaccination program, will offer additional economic benefits, the Greek national news agency AMNA noted.
"With the available new financial tools, such as the Recovery Fund and the National Strategic Reference Framework (NSRF 2021-2027), Greece is ready to transition into a new era," Staikouras said.
Source: Xinhua
