Greece's growth strategy foresees an average economic expansion of 2.1 percent between 2020 to 2022, supported by stronger private consumption (1.2 percent), job growth (0.4 percent) and a 7.6 percent pick up in investments.
This is the forecast of the Greek government for the post bailout period, in a 106 page document, which targets economic and fiscal stability and a resilience to external shocks.The country recognizes its obligations to keep the primary budget surplus at 3.5 percent of GDP until 2022 and is on course to meet that goal without introducing any new austerity measures.
Data shows that Greece’s structural and fiscal reforms since 2010 are estimated to reach some 67 billion euros by the end of the year, with just over half coming from spending cuts. According to the plan, Greece's tax policy will contribute to attracting productive investments and increasing productivity by reducing taxes for businesses. The report highlights that the tax cost in Greece is high, when compared with countries with similar competitiveness levels, but not excessively high on a European level.
Among the proposed tax reforms listed in the plan is reducing tax evasion, and stamping out the illegal trade of fuel and tobacco products. The blueprint also assumes that medium term measures will be introduced to help secure the viability of Greece's debt, without referring to how much this may be.
Source: ANA-MPA
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