Upward revision of outlook

The Foundation for Economic and Industrial Research (IOBE) has upwardly revised its forecast for Greece's growth in 2023 to 2.4%, from 1.4% three months ago, following a general trend after statistical agency ELSTAT's positive data for a growth rate of 5.9% in 2022. The government predicts a rate of 2.3%, while the International Monetary Fund also revised its forecast upward to 2.6% on Tuesday.

However, the general director of IOBE, Professor Nikos Vettas, while presenting the institution's quarterly report earlier this week, left no room for complacency and warned that it is an illusion to consider that the Greek economy is on autopilot, and that the high rate of growth, investment and unemployment reduction could allow for the distribution of benefits, as in the previous two years. "Despite the progress made since 2010," he said, "structurally, we are one of the poorest...