IMF predicts shocking 10% recession for Greece in 2020 due Covid-19 crisis
The IMF estimates that the effects of the coronavirus crisis on the Greek economy will be devastating due to the hard impact on tourism.
In its World Economic Outlook report released in Washington, the ‘good case’ scenario predicts a 10% recession in Greece this year, the largest in the Eurozone, even worse than in Italy with 9.1%.
However, it predicts a recession of only 2.8% for Malta and 6.5% (for Cyprus) and above for all other EU countries.
In the “bad case scenario” for the Greek and international economy, it predicts an even bigger recession, of 13% for this year and a further 8% drop in 2021!
Based on the current data, the IMF predicts an explosion of unemployment to 22.3% of the workforce or about 235,000 unemployed for Greece in 2020, while for 2021 it gives a growth forecast of 5.1%.
You may be interested
Dendias will be the first EU FM to visit Israel and Palestine since the start of the crisisPanos - May 18, 2021
Greece as pillar of stability and champion of promoting security and prosperity in the wider region is actively involved in…
Erdogan: “84 million Turks will continue to defend Jerusalem” (video)makis - May 17, 2021
Turkish President Recep Erdogan unleashed an unprecedented attack on US President Joe Biden on the occasion of the approval given…
The Honorable Death: Samurai & Seppuku in Feudal JapanPanos - May 17, 2021
While martial suicide is a practice found in a lot of cultures, the act of seppuku, or ritual self-disembowelment, is peculiar…