OECD report estimates 9.8% recession for Greece

23 July 2020
205 Views

The OECD estimates a recession of up to 9.8% for Greece with a parallel rise in the unemployment rate of up to over 20% in its annual report.

Due to the “unusual degree of uncertainty”, the OECD uses two scenarios in its annual report on Greece:

Based on the first scenario and the possibility that a second pandemic wave might not occur

• the recession will reach 8% in 2020 before the economy returns to positive growth rates of 4.5% in 2021
• Employment will decrease by 3.5% this year and by 1% in 2021
• Unemployment will reach 19.4% in 2020 and 19.8% in 2021
• debt will reach 196.9% / GDP in 2020 to fall to 190.7% / GDP in 2021

Based on the other worst-case-scenario, according to which a second pandemic wave will hit:

• the recession in 2020 will approach 10% (9.8%) and significantly lower growth for 2021 at 2.3%
• Employment will decrease by 3.8% this year and by 1.8% in 2021
• Unemployment from 19.6% in 2020 will rise to 20.4% in 2021 and
• debt will exceed 200% in 2020, to 209.3% / GDP to record a slight decline to 204.7% / GDP next year.

You may be interested

Covid-19 Greece – 339 new cases reported
GREECE
shares48 views
GREECE
shares48 views

Covid-19 Greece – 339 new cases reported

makis - Sep 18, 2020

A total of 339 new cases of coronavirus in Greece were announced today, 39 of which were identified after checks…

Covid-19 Greece – 9 deaths in a day reported
GREECE
shares39 views
GREECE
shares39 views

Covid-19 Greece – 9 deaths in a day reported

makis - Sep 18, 2020

A total of 359 new cases of coronavirus in Greece were announced today, 36 of which were identified after checks…

Researchers untangle Crete’s oldest number system
GREECE
shares42 views
GREECE
shares42 views

Researchers untangle Crete’s oldest number system

Panos - Sep 18, 2020

According to a statement released by Elsevier, Silvia Ferrara of the University of Bologna and her colleagues conducted a new…

Leave a Comment

Your email address will not be published.