Greek economy to shrink by 1.5 pct this year, IOBE

21 January 2016
617 Views

The Greek economy will return from negative to positive growth rates in the middle of 2016 for an annual recession rate of 1.5 pct this year, Nikos Vettas, managing director of the Institute for Economic and Industrial Research (IOBE) said on Thursday.

Presenting the Institute’s quarterly report on the Greek economy, Vettas said that the unemployment rate was expected to rise to 25.5 pct of the workforce this year, from 25 pct in 2015 and 26.5 pct in 2014, while the inflation rate was expected to range between 0.5 pct and 1.0 pct.

IOBE said that based the latest available data, the Greek economy shrank by around 0.5 pct in 2015, significantly smaller compared with initial estimates.

The report noted that economic growth through attracting investments, a decisive turn of funds towards export activities and overcoming hurdles that keep the economy excessively closed were as pressing issues now as they were at the beginning of the crisis.

It added that a gradual awareness by wider part of the society was currently emerging that higher incomes moves through a fundamental convergence of the production structure of the economy with more advanced European countries.

IIOBE said that there were no alternative solutions promising prosperity and an exit from the crisis through short-term tactics and without a decisive transformation of the Greek economy.

You may be interested

Alternate Foreign Minister Varvitsiotis: Significant tension between Greece and Turkey if Hagia Sophia turned into Mosque
GREECE
shares25 views
GREECE
shares25 views

Alternate Foreign Minister Varvitsiotis: Significant tension between Greece and Turkey if Hagia Sophia turned into Mosque

Panos - Jul 03, 2020

Α possible Turkish government’s decision turning Hagia Sophia into a mosque would signal a significant tension in the Greek-Turkish relations…

Greece: E-governance Min. Pierrakakis outlines digitization progress at online e-conference
GREECE
shares34 views
GREECE
shares34 views

Greece: E-governance Min. Pierrakakis outlines digitization progress at online e-conference

Panos - Jul 03, 2020

Digital Governance Minister Kyriakos Pierrakakis outlined the key steps so far taken under the government’s digital transformation policy, while speaking…

GREECE
shares35 views

Incoming flight passengers total 21.000 at Athens International on reopening day of all Greek airports

Panos - Jul 03, 2020

Some 21,100 passengers and 55 international flights arrived at Athens International Airport on July 1, the first day of the…

Leave a Comment

Your email address will not be published.