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Economy
OECD sees heavy hit from pandemic, gradual recovery in 2021 picking up pace in 2022 The OECD has released its latest economic outlook showing that Greece is unlikely to escape a significant economic downturn due to the second wave of the virus.
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EconomyProgramme
Covid-19 leaves Greece facing 200 pct debt-to-GDP ratio in 2021, long road to sustainability The report for the eighth post-programme review published last week included an update of the debt sustainability analysis (DSA) for Greece, the first revision since the one conducted in the context of the fifth review at the start of the year, before the pandemic struck.
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EconomyMacroeconomy
Revised 2021 budget sees bigger contraction, slower recovery and support of 31.4 bln euros With Greece having completed two weeks of general lockdown and as Covid-19 data continued to cause alarm, Finance Minister Christos Staikouras tabled to Parliament on Friday the final 2021 budget, which was substantially revised from the draft document submitted at the start of October.
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EconomyProgramme
Lenders acknowledge reforms, flag up tricky fiscal path ahead Greece managed to clear on Wednesday the fourth post-programme review for this year and the third since the pandemic broke.
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EconomyMacroeconomy
EC forecasts 9 pct dip followed by 5 pct recovery but new lockdown not factored in The European Commission published on Thursday the economic forecasts for Europe within the context of the 2020 autumn forecasts.
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EconomyMacroeconomy
Revised GDP data shows 1.9 pct growth in 2019, taking 2017-2019 upward streak to nearly 5 pct As part of the second estimate for the national accounts and the regular cycle of base year revision that takes place every five years, the Hellenic Statistical Authority revised 2019 GDP data and the annual series base year to 2015, from 2010.
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EconomyMacroeconomy
IMF sees big dip of 9.5 pct for GDP in 2020 before mild recovery of 4.1 pct next year The International Monetary Fund has issued its updated macroeconomic forecasts for Greece within the framework of the World Economic Outlook and the Fiscal Monitor released within as part of the IMF’s Annual Meetings.
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EconomyMacroeconomy
Draft budget sees EU funds fuelling recovery of 7.5 pct in 2021, after 8.2 contraction this year The Finance Ministry tabled in Parliament on Monday the draft budget for 2021 in which the Greek authorities see a substantial recovery next year that will offset most of the losses suffered in 2020 due to the pandemic.
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EconomyProgramme![Photo via IMF photostream on Flickr [https://www.flickr.com/photos/imfphoto/]](resources/toolip/img-thumb/2014/08/11/imf_439_1108-medium.jpg "Photo via IMF photostream on Flickr [https://www.flickr.com/photos/imfphoto/]")
IMF sees GDP shrinking by 9.5 pct in 2020, warns about pace of fiscal consolidation The International Monetary Fund (IMF) concluded on Friday its second post-programme monitoring mission, which took place remotely, by publishing the staff concluding statement.
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Economy
BoG sees 7.5 pct recession, EU funds boosting GDP by 1.9 pct annually Speaking at an online event organised by a local think-tank, Bank of Greece governor Yannis Stournaras presented the central bank’s updated estimates regarding the impact of the pandemic on the economy.