Greek economy to shrink by 1.5 pct this year, IOBE

21 January 2016
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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.

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