ING: Greek GDP to grow by 4.2% this year, 1.7% in 2023; inflation’s impact possibly offset by banner tourism season

ING, in a report on Tuesday, said double-digit inflation now recorded in Greece may slow down domestic consumption, however, projected strong tourism revenues will buttress the Greek economy, which is forecast to growth by 4.2 percent in 2022.

According to ING economist Paolo Pizzoli, Greece’s economic growth will slow to an uninspiring 1.7 percent in 2023, only to rise to 2.3 percent in 2024. At the same time, the inflation rate in the east Mediterranean country will top out at 9.7 percent (on an annual basis) in 2022; 3.9 percent in 2023 and 1.9 percent in 2024, the report forecasts.

ING estimates that the war in Ukraine and its repercussions (energy crisis, food supply) will not derail Greek economy recovery, at least in the short term. At the same time, domestic consumption in the country is expected to have eased in the second quarter.