Greece's ruling party pledges 3% annual economic growth

The programme of the Greek ruling New Democracy (ND) party presented ahead of the May 21 Greek parliamentary elections envisage economic growth of 3 per cent annually and a 25 per cent income increase by 2030.

The programme presented by Prime Minister Kyriakos Mitsotakis demonstrates "aspirations for Greece 2030 - a more productive, social, green and digital, just and ultimately stronger Greece", TASS quotes Greek government spokesman Akis Skertsos as telling a briefing.

"We want and can make the Greek economy grow twice as fast as the rest of Europe, at 3 per cent a year. We want and can increase personal income by 25 per cent and minimum and average wages. We want and can reduce public debt [to a level] below 130 per cent by 2027, increase the number of young farmers by 60,000, increase the share of manufacturing to 15 per cent of GDP, increase exports to 60 per cent of GDP, have tourism 12 months a year with annual revenues of €30 billion and finally have Greece become one of the top ten countries in the world for transit trade," Skertsos said.

He said the prime minister announced three additional measures at a meeting in Elefsin on May 7, which are "part of the medium-term stability and development plan for 2023-2026 presented by the European Commission government".

"These measures, of course, do not solve the problem of rising costs and pressure on incomes, but they do provide a respite.  From this summer, for example, a special Youth Pass benefit has been introduced, providing €150 a year for every young person of two years to attend cultural, tourism and transport events [this benefit will benefit around 200,000 18 and 19-year-olds a year]. From 2024, the property tax will be reduced by 10 per cent for families who have insured their dwellings against natural disasters and fires for the entire year. This measure also applies to existing insurance policies. Thirdly, from January 1, 2024, the family allowance for those with children will increase, i.e. from €50 to €70 for those with one child, from €70 to €120 for families with two children, from €120 to €170 for three children and from €170 to €220 for four children," Skertsos said.

According to a cabinet spokesperson, these three well-calculated support measures meet the country's needs and will help address challenges in areas such as demography, support for families and young people in their endeavours and further cuts in property taxes.

"And with these measures, our financial programme does not exceed €9 billion over the entire coming four-year period in the event of an ND coming to power. After all, in the previous four years, we have proven that we have always been on the side of the public - workers and businesses alike - without ever compromising the financial sustainability of the budget. Greece has recorded the largest reduction in public debt in the world - by 36 percentage points in the previous four years - and yet is the only country in the EU which, alongside a bold programme of economic support, has achieved the biggest financial reform since the pandemic. This has led to a small primary surplus of the state budget from 2022 - a year earlier than expected,” Skertsos said.