Greece: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2022 Issue 173

Publication date: June 2022

ISBN: 9798400212772

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Taxation - General , International - Economics , liability positions vis-à-vis nonresident , money market rate , goods trade balance statistics , IMF staff calculation , Policy discussion , IMF's transparency policy , Loans , Nonperforming loans , Tax administration core functions , Global

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Summary

Greece has weathered the pandemic well, with a considerably stronger-than-expected recovery. Reforms progressed in several areas, including digitalization, privatization, improving the fiscal policy mix, and bank balance sheet repair. Greece finalized its early repayment to the IMF on April 4 and is expected to graduate from the quarterly European Institutions’ Enhanced Surveillance framework on schedule by August 2022. Despite the adverse impact of the war in Ukraine, growth is projected to remain robust at 3.5 percent this year. High energy prices are expected to push up average inflation to 6.1 percent. Public debt is on a downward trajectory and rollover risks appear manageable. The external position last year was moderately weaker than that consistent with fundamentals and desirable policies.