The Strategist

Greece sets to reduce public debt below 140% of GDP by 2027

07/07/2023 - 10:55

The nation also intends to lower the unemployment rate to 8%, according to Prime Minister Kyriakos Mitsotakis.

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Greece wants to cut the unemployment rate from the current 11.4% to 8% by 2027 and to lower the national debt from 171.3% of GDP in 2022 to less than 140% of GDP. In his presentation of the new government's policy pronouncements to MPs on Thursday, Prime Minister Kyriakos Mitsotakis said that the nation needs to combat growing expenses and boost incomes during the next four years.

Prime minister outlined the major objectives of the new cabinet's next four-year tenure in his speech. These, in his words, include "restoring the country's investment rating by the end of this year, early repayment of loans obtained under the first memorandum concluded with international creditors [during the years of the country's financial crisis in 2010-2018]."

Additionally on the list are keeping rational primary state budget surpluses, bringing down the national debt to well under 140% of GDP by 2027, bringing down the jobless rate to 8% over the next four years, and lowering social inequality through continued assistance programs and targeted initiatives as necessary. The first bill from the Finance Ministry, which will soon be presented in Parliament, "will serve this," according to Mitsotakis.