Central European Morning Report: "European Economic and Youth Development Initiatives: Insights from Romania and Greece"

Central European Morning Report: "European Economic and Youth Development Initiatives: Insights from Romania and Greece"

Politics

Prime Minister Marcel Ciolacu Emphasizes Importance of Youth in Romanian Society on National Youth Day:

Bucharest, May 2, 2024 — Prime Minister Marcel Ciolacu sent a message on Thursday in celebration of National Youth Day, highlighting the crucial role of young people in shaping Romania's future. In his address, Ciolacu emphasized the blend of experiences from older generations with the openness of youth as a catalyst for societal development.

The Prime Minister praised the potential and achievements of Romanian youth in various fields, both nationally and internationally. He stressed the importance of providing support to young people through education, vocational training, job opportunities, and institutional programs, such as the government internship initiative. Ciolacu also expressed his commitment to maintaining dialogue with the younger generation and offering them full support.

He concluded his message by expressing hope for young Romanians to pursue their dreams in their home country and encouraging those who have ventured abroad to return to contribute to Romania's future.

OECD Report: Greek Economy Expected to Grow at 2% This Year and 2.5% in 2025:

Athens, May 2, 2024 — According to the OECD's semi-annual Economic Outlook report, the Greek economy is projected to grow at a rate of 2% this year and 2.5% in 2025. The report highlights increased employment, real wages, and strong tourism activity as key factors contributing to this growth.

Despite a slowdown in new job creation, the report notes historically high employment rates and labor shortages. Wage growth reached 5.5% in the fourth quarter of 2023, with further increases in the minimum wage planned for April 2024. The Recovery and Resilience Facility, combined with banking sector improvements, is expected to support investment growth of 9% in 2025.

The OECD projects that inflation will decrease, albeit at a slower pace, reaching 2.1% by the last quarter of 2025. A primary surplus of 1.8% of GDP this year and 2.1% in 2025 is considered appropriate due to Greece's high public debt, which is expected to decrease to 151% of GDP in 2025.

The report underscores the challenges facing the Greek economy, including the need for productivity growth and fiscal adjustment due to high debt. Continued economic growth and efforts to combat tax evasion are highlighted as critical to improving public revenues.

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