ECONOMIST- Hatzidakis: The six axes of the economic policy of the next four years

September 29, 2023
Written by E.Tsiliopoulos

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ECONOMIST- Hatzidakis: The six axes of the economic policy of the next four years

National Economy and Finance Ministser Kostis Hatzidakis referred to the six axes of the economic policy the government intends to implement over its four-years term, speaking on Friday at 'The Third Thessaloniki Metropolitan Summit'. He pointed out that "the wager is to accelerate the pace and essentially converge with the EU average in terms of income."

"The combination of the right economic policy mix and political stability opens a new window for the economy," Hatzidakis added.

The six axes are as follows:

1. Fiscal stability, which is the foundation on which the success of economic policy rests. Next Monday, the minister said, the draft budget for 2024 will be tabled, with estimates for 2023. Despite the lingering aftershocks of the energy crisis and unprecedented natural disasters, the budget is being executed and will be executed normally, he said. And he pointed out that "we are combining social sensitivity with fiscal seriousness."

2. Redirection of the production model. The country should capitalise on the advantages it has (e.g. pharmaceutical industry, agri-food sector) and diversify the export mix.

3. Workforce growth and skills enhancement. The minister referred to a new reduction in insurance contributions from 2025, the incentives for young people and women in the labour market and the upgrading of training programmes.

4. A strong banking system, which also means a strong economy. The four objectives in this specific axis relate to dealing with outstanding issues through the "Heracles" programme, to covering the gap in lending and deposit interest rates (and with the possibility of granting loans from non-banking institutions as well), to reducing the participation of the Hellenic Financial Stability Fund (HFSF) and to further reducing "bad" loans.

5. Boosting investments.

6. Combating tax evasion. The minister talked about the use of digital tools to assist in this task and ensure the fair taxation of everyone. By tackling tax evasion, he added, the goal of even greater reductions in tax rates will be met.

Concluding, the minister said that "just as in sports, where a team that wins does not change, in the same way you do not change an economic policy that brings results." And he pointed out that "what we are doing is a patriotic duty. We have an obligation to all Greeks to succeed and we will succeed."

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