DBRS on Tuesday revised, downward, its forecast for Greek economic growth in 2024, projecting a rise in GDP by 1.3%, down from a previous 2.2%. The international ratings agency’s forecast for 2025 is 2%.

On the “upside”, DBRS said unemployment is expected to decrease below the 10%-threshold in 2024, continuing to fall in 2025 to ease to roughly 9.3%.

According to the agency’s co-head for sovereign ratings, Thomas Torgerson, “…we remain cautious regarding the 2024 outlook because the full impact of monetary policy tightening has not yet been felt in Europe and North America…Growth is expected to be below 1% in all the major advanced economies, though markets seem to be growing more optimistic regarding prospects for a soft landing in North America.”