Home Banking GREECE FOCUS NOTES (Friday, 3 June 2022)

GREECE FOCUS NOTES (Friday, 3 June 2022)

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The Greek economy, after a quick recovery in 2021, which allowed to reclaim the bulk of pandemic-induced
losses, had entered 2022 with leading indicators signaling prospects for dynamic growth: production in
many manufacturing sectors and sales in retail trade were above pre-pandemic levels, economic sentiment
was in multi-year highs and unemployment was falling. Then, the war in Ukraine erupted. This new crisis, as
in the entire European economy, negatively affects short- and medium-term prospects in comparison to
previous forecasts. It will likely cause a deceleration of growth in the short term and an increase in inflation,
yet it will not overturn realization of the Greek economy’s potential in the longer term. The size of the
impact will depend on a multitude of factors, including the duration of the war, final mix and duration of
EU sanctions and monetary and fiscal policy measures. The direct impact of the crisis will be limited as…

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