In the 2014 draft budget recently submitted by the Greek government, it is predicted that the Greek economy will contract by 4% in 2013 but will achieve growth in 2014. This marks the first time the Greek economy will emerge from recession after six consecutive years of decline.
The draft states that due to years of sacrifice and effort, Greece has successfully improved its public fiscal situation through measures such as fiscal austerity and privatization. Excluding debt interest, the 2013 fiscal budget is expected to achieve a surplus of 2.8 billion euros, accounting for 1.6% of GDP. Currently, Greece's public debt stands at 319.4 billion euros, with a debt-to-GDP ratio of 174.5%. The improvement in fiscal conditions suggests that the total debt is expected to decline, allowing the Greek government to continue negotiations with the European Union and the International Monetary Fund to secure new loans and debt relief measures.
