Greece says pandemic to worsen long-term economic problems thumbnail

Greece says pandemic to worsen long-term economic problems

Greece’s central bank says the nation would per chance per chance withhold a ways from a prime recession if it makes lawful employ of emergency EU strengthen funds and would not suffer a prime renewed outbreak of COVID-19

June 29, 2020, 1: 50 PM

1 min read

ATHENS, Greece —
Greece’s central bank says the nation would per chance per chance withhold a ways from a prime recession if it makes lawful employ of emergency EU strengthen funds and would not suffer a prime renewed outbreak of COVID-19, however the pandemic is at risk of compound long-term financial problems.

In a 210-page document printed Monday, the Bank of Greece talked about its well-known forecast for 2020 is for an financial contraction of 5.8% followed by a restoration of 5.6% subsequent yr and 3.7% in 2022. Nonetheless if there is a second wave of COVID-19 and the economy does worse, GDP would per chance per chance shrink 9.4% in 2020.

The pandemic, it talked about, would reverse development made on Greece’s major long-term problems, collectively with excessive unemployment and public debt as wisely because the nation’s substantial stock of non-performing loans that handiest lately dropped to under 40% percent of the total.

The Bank of Greece talked about it expects a prime tumble in tourism earnings which topped 18 billion euros ($20.3 billion), about 10% of the nation’s annual output.


ABC News


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