Greek PM Mitsotakis says economy to rebound 5.9% this year, outlines tax reliefs

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Greek PM Mitsotakis says economy to rebound 5.9% this year, outlines tax reliefs

On Saturday, Kyriakos Mitsotakis, the Prime Minister of Greece, an once-booming EU economy which has long been scuffling in context of a soaring debt pile with national debts stood at $441.58 billion to-date, said that the economy was expected to grow by a better-than-anticipated 5.9 per cent this year, suggesting that a Summer reopening bode well for the beleaguered EU economy.

In point of fact, Greece had reportedly come out of a decade-long financial wears-and-tears back in 2018, however, the country’s economy again was hit with a hefty whiplash of 8.2 per cent last year amid pandemic associated restrictions with the economy’s tourism sector bearing the heaviest brunt.

Nonetheless, previously, the Government had forecasted a 3.6 per cent growth in 2021 at its medium-term fiscal plan.

Greek economy to bounce back 5.9% in 2021

Meanwhile, speaking in an annual policy address in the Greek city of Thessaloniki, PM Mitsotakis said, “Today we are announcing the revision of the (growth) target for 2021 from 3.6% to 5.9%.

Our country is stronger today than it has been in many years. It is stronger economically; it is stronger geopolitically. Its image abroad has changed”. Aside from that, in a bid to ease price hikes in energy alongside other essential services and goods amid a rapidly building price-pressure all over the economy, Mitsotakis added that the Government would continue to maintain a lower Value Added Tax (VAT) of 13 per cent for a swathe of sectors ranging from tourism to gyms to coffee and soft drinks, while the Government would lay out a plan to spend as many as €150 million in electricity bill subsidies while handing out more heating pay-outs to poor households.