Σάββατο, 19 Φεβρουαρίου 2022
Δελτίο Τύπου
Ομιλία του Υπουργού Οικονομικών κ. Χρήστου Σταϊκούρα στο συνέδριο του LSESU Hellenic Society “Greece 2022: Semper Ad Meliora”
First of all, I would like to congratulate the London School of Economics Hellenic Society for today’s insightful hybrid event and to thank the organizing committee for offering me the opportunity to share some thoughts and exchange views οn the state of play and the prospects of the Greek economy with distinguished speakers and a high-level audience.
Ladies and Gentlemen,
Last year was – globally – a year marked by high volatility, due to a series of challenges and difficulties in the fields of health, climate, energy and geopolitics.
However, for Greece, despite the multiple exogenous crises, 2021 was a year of strong – “V-shape” – recovery, according to all estimates.
Yet, Greece’s recovery is expected to be the second highest in the Euro Area, according to the European Commission’s Winter Economic Forecast.
Furthermore, last year’s strong recovery is expected to be followed by high, sustainable growth this year, as well as in the coming years.
According to the European Commission’s forecast, Greece will present the second highest cumulative growth rate in the period 2021-2023.
Therefore, it is evident that Greece has efficiently tackled the multiple exogenous crises in the aforementioned fields, its economy has depicted remarkable resilience and we have managed to pave the way for a swift and strong recovery and high and sustainable growth.
All the above reveals a strong impetus, reflected in a number of data:
- Investments and exports are strengthening (among others, we have attracted important investments: Microsoft, Pfizer, Cisco, Digital Realty, Deloitte, Volkswagen, JP Morgan etc.).
- Industrial Production is steadily increasing.
- Economic sentiment reached a 21-year record high in January, outreaching the European average.
- Unemployment is shrinking.
Greece achieved the highest decrease in unemployment in the Euro Area during the last four years, according to a recent ECB report.
- Real disposable income increased six times more than the European average, reaching the second highest increase in the Euro Area in the 3rd quarter of 2021, according to the ECB.
Obviously, in the following months the significant inflationary pressures have put a heavy stress on households’ income.
However, the impact of these pressures is softened by the previous raise in the disposable income, stemming from the reductions in taxes and social security contributions and the efficient support measures implemented by the Government.
- Bank deposits of households and businesses are increased.
- Non-performing loans are decreasing.
- The competitiveness of the economy is improving.
- Cost of borrowing in capital markets is affordable, taking into account the current European and international market circumstances.
The impetus of the Greek economy is also acknowledged by our European partners, international institutions, rating agencies and investors, thanks to the implementation of a prudent, coherent, reform-oriented and insightful economic policy.
Consequently, the “big picture” of the Greek economy is positive and its prospects are even more positive.
However, we are not celebrating nor are we resting on our oars.
We are fully aware of the fact that, despite the promising “big picture”, the “snapshot” is blurred because of serious difficulties and challenges.
On one hand, Greece’s public debt is sustainable, as it is acknowledged in every European decision and estimate, but it is significantly high.
The state budget had a primary deficit, resulting from the need to offer an adequate “safety net” for the society amidst the pandemic and other crises.
Greece is still in the Enhanced Surveillance Framework and has not an investment grade status.
Moreover, at the European level, monetary and fiscal policy will gradually become more restrictive.
In the absence of investment grade status and in an environment of uncertainty concerning monetary policy in Europe, Greek sovereign bonds’ yields are more sensitive in international volatility.
And of course, we are still facing challenges emerging from the Covid-19 pandemic, the energy crisis and inflation, climate crisis and green transition, along with new and preexisting geopolitical challenges.
Therefore, it is of outmost importance to continue implementing a prudent and responsible economic policy, to continue supporting the society against the aforementioned challenges – but to do this through targeted measures, in the context of the Budget’s estimates – and to continue structural reforms and privatizations.
To that end, going forward, we have built an economic strategy setting realistic objectives:
- Achieving high growth rates in the coming years.
- Further improving the quality of growth, through significantly increasing investments and exports.
- Exiting the Enhanced Surveillance mechanism, in 2022.
- Achieving single-digit rate of non-performing loans, in 2022.
- Moving towards fiscal balance in 2022 and achieving realistic primary surpluses from 2023.
- Obtaining the investment grade, in 2023.
To meet these objectives, we are implementing an economic policy based on 7 pillars:
- Targeted support for households and businesses over the several exogenous crises.
- Implementing a prudent fiscal policy, in the direction of further reducing taxes and social security contributions.
- Implementing a smart issuing strategy to maintain strong cash reserves.
- Enhancing liquidity in the real economy.
- Implementing structural changes and utilizing the public property.
- Rationally utilizing the available European funds, having at the forefront the Recovery and Resilience Fund and the new NSRF, totalling around 80 bn euros by 2027.
- Actively participating in the initiatives for the new European economic architecture.
Ladies and Gentlemen,
To conclude, despite difficulties and international volatility, Greece is efficiently implementing policies which provide the impetus to form a more resilient, sustainable and inclusive post COVID-19 economic landscape.
Policies which have already created the preconditions for strong and sustainable growth.
Policies which allow us to be realistically optimistic that our country, our people and the whole Europe will manage to walk in the path of “Semper Ad Meliora” – “Always Towards Better Things” –, as you have successfully entitled your conference this year.
