The Greek economy is expected to grow more than usual

Tuesday, July 12, 2022

The Greek economy is expected to grow more than usual with tourists coming back to the country in bigger numbers, according to the central bank chief Yannis Stournaras.

He said that a growth of 3.2% is their baseline situation at the Bank of Greece, but this is based on the supposition that income from travel is going to be 80% of the revenue of 2019. Stournaras said that it seems to be that it is going to be near to 100%. Thus, 3.2% is probably on the lower end of the possibility distribution.

The tourism sector is extremely important for Greece. The tourism industry accounts for approximately a fifth of its financial system and over a quarter of jobs. While a cost-of-living predicament indicates that European regulars have curtailed on spending, foreign travel has proved to be an exception and tourists are visiting Greece again.

Greece is also in a better state of affairs compared to some of its euro-area peers with reference to the risk of Russia discontinuing delivery of energy supplies. Greece will probably keep away from a downturn if shipments stop completely, said Stournaras.

He said that Greece has fairly multiple sources of natural gas, of liquefied natural gas. The country has done its homework for several months now. A complete discontinuation would mean that the growth pace falls a great deal, but it does not turn out to be unhelpful.

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