ATHENS, Dec. 20 (Xinhua) -- Bank of Greece Governor Yannis Stournaras submitted to his country's Parliament on Wednesday an interim report on monetary policy that foresees 2.5 percent gross domestic product (GDP) growth in 2024 and 2025 and 2.3 percent in 2026.
Although Greece's economy is set to grow faster than that of the eurozone, Stournaras warned that the former growth rate is slowing.
In a previous report in June, the bank forecast 3 percent growth for 2024, but the estimate has since been revised downwards to reflect the similar trend in eurozone growth and the expected higher-for-longer interest rate environment, according to an e-mailed press release.
Greece's Parliament approved the 2024 state budget on Sunday, which foresees 2.9 percent GDP growth in 2024, up from 2.4 percent in 2023.
Stournaras advised that continued fiscal prudence should be used and the necessary reforms should be implemented, which he said were keys to Greece's exit from the bailout era.
"The upgrade of Greece's credit rating to investment grade (during 2023) amid accumulated international uncertainty, due to geopolitical developments and increased financial risks, is undoubtedly a milestone for the course of the Greek economy. Nevertheless, we should not show complacency," he warned.
In the years ahead, the country's economy will continue to be driven by private consumption, investment and exports, while net trade should have a marginally negative contribution, the report said.
