OECD: Greek economy to grow 2% in 2024

The Greek economy remains resilient and is expected to grow at a rate of 2% in 2024 and 2.5% in 2025 as rising employment and real wages and strong tourism boost consumption, according to the OECD's six-monthly report.

Despite the slowdown in new job growth, the employment rate and labour force shortages remain at historically high levels, it was pointed out.

Wage growth reached 5.5% in the fourth quarter of 2023 on an annual basis, the OECD noted, with the minimum wage increasing by 9.4% in April 2023 and a further 6.4% in April 2024.

The absorption of Recovery and Resilience Fund resources and continued improvement in bank soundness will support investment, despite tight financial conditions, the report added, with investment forecast to grow 9% in 2025.

Inflation will continue to decline, but at a slower pace and is forecast to ease to 2.1% in the...