Recovery of the Greek Economy

||| DEBT SUSTAINABILITY IS PRESERVED Greece public debt-to-GDP ratio will be on a clear downward trend from 2021 onwards Public Debt to GDP Forecast (% of GDP) (1) 220% 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% 2017 2018 2019 2020 2021 2022 Real GDP growth rate GDP deflator Average effective interest rate (General Government medium- & long-term debt) Primary surplus(5) Sources: PDMA, Ministry of Finance Forecasts 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 FUNDING THROUGHOUT THE RECOVERY 2021 2022 2023 2024 2025 2026 onwards 3.6% 6.2% 4.1% 4.4% 3.3% 1.4% to 1.5% (2) 0.2% 1.0% 1.2% 1.6% 1.8% 1.8% to 2.1% (3) 1.4% 1.4% 1.4% 1.3% 1.3% (7.1%) (0.5%) 2.0% 2.8% 3.7% 3.0%(4) 2.2% Notes: (1) Excluding RRF loans, which will be fully passed on to the private sector; (2) Reasonable real GDP growth assumptions, steadily decreasing from 1.4% in 2026 to 0.7% in 2030, then increasing up to 1.7% in 2040, and finally gradually decreasing down to 1.5% in 2060; (3) GDP deflator increasing steadily from 1.8% in 2026 up to 2.1% in 2030, and then remaining constant at 2.1% from 2030 onwards; (4) Average effective interest rate for the period 2026-2060; (5) In line with Enhanced Surveillance Report 10

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