IMF Staff Country Reports

Greece: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece

January 24, 2024

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Greece: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece, (USA: International Monetary Fund, 2024) accessed September 18, 2024

Summary

Greece’s economic outlook has improved notably, but significant challenges remain. The economy has resumed income convergence, ending a decade of stagnation with high unemployment and low investment amid large deleveraging. Real GDP has expanded beyond the pre-pandemic trend level, driven by the cyclical recovery of tourism demand and the resumption of structural reforms and investment in the context of Next Generation EU. Strong growth and high inflation have brought the public debt-to-GDP ratio down below its pre-pandemic level with limited financing risks in the medium term due to the favorable debt structure. However, despite regaining sovereign investment grade status and improving bank balance sheets, the economy is facing macro-financial challenges amid significant monetary policy tightening, persistent core inflation, and rising real estate prices. Structural imbalances arising from low household savings and still low level of investment as well as increasing risks from climate change are weighing on medium-term growth prospects.

Subject: Financial institutions, Income, Inflation, International organization, Loans, Monetary policy, National accounts, Prices, Public debt, Revenue administration

Keywords: Bank profit, Climate change adaptation, Core inflation, Currency of Greece, Global, Goods trade balance statistics, Government payment process, Headline inflation, Higher-for-longer interest rates, Household resilience, IMF quota, Income, Inflation, Liability positions vis-à-vis nonresident, Loans, Money market rate, Potential GDP, SDR million, Transparency policy

Publication Details

  • Pages:

    79

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2024/023

  • Stock No:

    1GRCEA2024001

  • ISBN:

    9798400263262

  • ISSN:

    1934-7685

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