Τhis study presents two scenaria for 2022 real GDP growth in Greece. The war in Ukraine negatively affects short- and medium-term prospects by causing disturbances in supply chains and global trade, increase in uncertainty and energy prices. It will likely cause a deceleration of growth in the short term and an increase in inflation. Yet, the Greek economy has a number of counterweights, including an expected strong tourism season, availability of ca €90bn of RRF, MFF and EIB funds and a comfortable liquidity position of both the State and the private sector. Realization of the Greek economy’s potential in the longer term is still feasible; it will require adherence to structural reforms and fiscal stability.