Greece Expects to Shake Off Economy’s Crisis Losses by End of 2022

Greece’s gross domestic product should return to its pre-pandemic level by the end of next year, according to its final budget for 2022, Bloomberg News reported. That outlook for the economy to shake off the slump in the fourth quarter reflects better-than-expected growth of 6.9% seen for this year, a projection that is still lower than that of the European Commission. For 2022, the forecasts envisage expansion of 4.5%. The country’s improved growth outlook will help reduce a budget deficit and debt burden which remains the highest in Europe, an ongoing scar from its decade-long crisis. The economy suffered a slump of around 25% from that turmoil, and then an extra drop of 9% in 2020 due to the pandemic. Finance Minister Christos Staikouras submitted his final 2022 budget to Parliament on Friday. Read more.