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IMF revises upwards forecast for Greece’s economy growth 2023-24

The International Monetary Fund (IMF) on Tuesday revised upwards its forecast for the Greek economy this year to 2.6% from its autumn forecast of 1.8% in October 2022, and said the Greek economy was expected to grow by 1.5% in 2024 from 1.4%.

The IMF, in its spring World Economic Outlook report, said this revised growth forecast will allow the continuation of falling unemployment to 11.2% this year and to 10.4% in 2024 from 12.2% in 2022. The inflation rate is projected to fall significantly to 4.0% this year and to 2.9% in 2024 from 9.3% on average in 2022. The country’s current account deficit is expected to fall to 8% of GDP this year, from 9.7% in 2022, and to 6% of GDP in 2024.

The improved growth outlook for Greece comes amid a volatile recovery of the global economy, with the IMF noting that global growth outlook for the next five years was the lowest in some decades.

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