The central bank of Greece cut its projection for growth in 2022 to 3.8% from a previous projection of 4.8% it announced on Thursday.
The head of the central bank Yannis Stournaras told the bank’s annual meeting of shareholders that “the war in Ukraine is a new, major exogenous supply-side shock to the global economy.”
He said this was occurring at a very “critical time” when economies were rebounding from the health crisis and a severe recession.
Regaining investment grade is of paramount importance for growth
Stournaras said Greece’s main economic policy objectives this year should be to maintain growth momentum and keep up efforts to regain investment grade. “The latter should become a national goal,” he said.
Regaining an investment grade is a key task for Greece and it was part of the reason that the country repaid its bailout-era debts to the International Monetary Fund (IMF), some two years early on Monday.