Greek PM Mitsotakis Discusses Economic Impacts of Ukraine War

During a panel at the Delphi Economic Forum on Saturday, Greek Prime Minister Kyriakos Mitsotakis discussed the economic impacts of the war in Ukraine on both Greece and Europe as a whole.

Mathias Cormann, Secretary-General of the Organization for Economic Co-operation and Development (OECD), was also featured in the discussion, which was moderated by Florian Eder, a journalist for Politico.

When asked about Greece’s current economic standing in the wake of the war in Ukraine, Mitsotakis stated that the country was optimistic about its economic development in the wake of the pandemic but that the war in Ukraine has dampened efforts to bring about a full economic recovery.

Despite this fact, however, the country’s economy is improving, Mitsotakis stressed.

Mitsotakis states that Greek economy is improving despite war in Ukraine

“Nobody thought that we would be faced with a situation where we would have a war on the European continent and it is very clear that the Russian invasion of Ukraine will have significant economic ramifications for the global economy, we’re not just talking about Europe,” Mitsotakis stated.

“We still expect the Greek economy to grow substantially in 2022, but of course we will revise our goal forecasts downward” due to the war, the Greek PM stated.

“The biggest challenge that we are all facing today is related to the price of energy, particularly the price of gas,” confirmed Mitsotakis, “and the linkage between gas prices and electricity prices.”

“We need to break the link between gas prices and electricity prices. if we do not do that, we will impose a huge economic pain on our citizens and on our businesses,” he stressed.

“I would hope that we are able to do this at a European level,” Mitsotakis continued.

The Greek Prime Minister has been vocal about the need to support European citizens by reducing energy prices. He even presented a plan to that end to EU leaders soon after the war in Ukraine began.

The war in Ukraine dominated the opening of the prestigious Delphi Economic Forum on Wednesday with remarks by several heads of state.

The Forum opened in person in Delphi after two years of online and hybrid formats due to the pandemic.

The war in Ukraine and its economic, social, and political implications exacerbating the energy crisis and deepening the imprint of the health crisis, came to the fore at the opening.

Greek President Katerina Sakellaropoulou said the “war in Ukraine froze historical time and space,” highlighting the nuclear threat but also the need for the West to regroup against revisionist and violent practices.

In this context, the EU and Greece sided with the law, that is, with the Ukrainian people. “The EU and Greece are today bridges of peace and security, in the world and in the region,” it was said.