MacroPolis

IMF's Article IV consultation notes progress, reiterates low long-term growth outlook

The IMF published on Friday the staff statement following the conclusion of the mission in the context of Article IV consultations, noting the progress that Greece has achieved in recent years on the fiscal and debt fronts.

IMF forecasts add to concerns about sluggish growth ahead

Greece’s economic outlook received another dose of reality this week as the IMF published the latest economic outlook in its World Economic Outlook (WEO) in the context of the annual joint meetings with the World Bank.

Slow pace at which RRF funds reaching firms a growing issue

A regular note on the Greek economy published by the Bank of Greece has highlighted concerns about the benefits from the RRF facing headwinds given the scheme’s demanding and finite schedule, the need to meet tight milestones and the legacies of the decade-long crisis, which has dented Greek entrepreneurship.

Management of RRF funds sparks new political tension

Greece’s use of the funds available via the RRF has become a contentious political issue after the two main opposition parties, SYRIZA and PASOK, declined to vote in favour of the next request for loan and grants from the European Union.

PBO sees 2024 growth of 2.5 pct hinging on RRF and investments

The Parliamentary Budget Office (PBO) published on Monday its latest quarterly report in which it is broadly positive about the prospects of the Greek economy in 2024, though it does flag up concerns about the effects of persistent inflation, the implications of the latest minimum wage rise and the critical role of the RRF for growth forecasts to materialise.

Great Expectations: Is Greece 2.0 hitting the target?

By: Georgia Nakou

Funding from the EU’s Recovery and Resilience Facility has been central to shaping expectations of economic recovery in Greece as the country emerges from its ten-year economic crisis and the Covid-19 pandemic.

EC tweaks forecasts, sees 2023 growth at 1.2 pct

The European Commission updated its estimates in the latest winter forecasts, essentially retaining the view it held in the autumn, seeing modest growth of 1.2 percent in 2023, after a rise of 5.5 percent in 2022.

Questions posed about pace of absorption for RRF funds

As the dust settled from this week’s forest fire on the outskirts of Athens, SYRIZA turned its attention to the government’s performance in absorbing funds from the European Union’s Covid response package, the Recovery and Resilience Facility.

Concerns about RRF growing as deadlines loom

There are growing concerns about whether the Greek government can keep up with the pace necessary to ensure the release of EU funding from the Recovery and Resilience Facility (RRF) for a wide range of projects, while Bank of Greece governor Yannis Stournaras has urged the authorities to ensure that the money goes to the appropriate enterprises.

Implementation snags hang over ambitious post-Covid recovery plans

Greece’s national plan to allocate EU Recovery & Resilience funds is moving apace at the planning stage, but appears to be stumbling at implementation.