New 2020 Greek budget approved

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The Greek Parliament passed the state budget for 2020, on Wednesday night, that aims to increase the economic growth rate as well as accelerate a rise in exports and investments.

The budget drafted by the Greek government passed with 158 to 139 votes.

It anticipates the economy will expand by 2.8 percent on an annual basis, up from a projected 2 percent in 2019. It also includes tax breaks of almost 1.2 billion euros.

“The budget gives some breathing space to the middle class and supports the weakest through a comprehensive program of tax cuts. It also creates vital room for growth,” Greek Prime Minister Kyriakos Mitsotakis said, addressing the plenary shortly before the roll call vote.

Nikolaos Frangos, Athens University of Economics and Business professor and board member at the Center of Planning and Economic Research (KEPE) told Xinhua on Wednesday that “there is a 50-50 chance of Greece achieving such a growth rate,” he said, “I’d say it is more likely that it expands by 2.4-2.5 percent, closer to most international estimates.”

In its latest report on the Greek economy, the European Commission projected last month a growth rate of 2.3 percent for 2020.

Sourced via Xinhua.

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