Greek financial expansion to decrease this year

2023-01-11 02:38:32

(MENAFN) Greek financial expansion will decrease to 1.1 percent this year from 5.1 percent last year, in line with a report Tuesday by Organisation for Economic Co-operation and Development.

Although the nation’s economy strongly recovered due to better-than-expected tourism incomes and better customer spending and investments since the lifting of pandemic measures, high energy prices, supply disturbances and renewed uncertainty, typically from the conflict in Ukraine, are sharply decelerating the bounce back, it added.

“The war is directly affecting Greece’s energy supply and costs. Its indirect effects are compressing spending and delaying investment and hiring,” according to the same document.

The report, on the other hand, read funds from the EU’s recovery and resilience system and government support for energy consumers were controlling the shocks and will aid financial recovery resume “once security situation and energy prices stabilize.”

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