Fitch Ratings on Tuesday rolled back its 2022 growth forecast for Greece, to 3.5 percent from 4.1 percent, while doing the same for the 2023 forecast, down to 3.2 percent.
The international ratings agency pointed to higher prices, lower confidence and weaker growth in key trading partners following Russia’s invasion of Ukraine as dampening Greece’s growth prospects after two years of a pandemic-induced recession.
According to Fitch, “Lower growth prospects and government intervention to alleviate the energy crisis imply a more moderate decline in Greece’s 2022 budget deficit than previously forecast… However, Fitch still expects government debt to reduce over the next two years.“Greek real GDP grew 8.3 percent in 2021, in line with Fitch’s forecasts, and Fitch expects the post-pandemic recovery to continue this year, underpinned by a further recovery in tourism and accelerating deployment of NextGenerationEU funds. Nevertheless, Fitch cut its 2022 growth forecast to 3.5 percent from 4.1 percent. Fitch also cut its 2023 forecast to 3.2 percent due to higher prices, lower confidence, and weaker growth in key trading partners following Russia’s invasion of Ukraine.”
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