x

Economy

Grant Thornton Chairman: Greek Economy to Face Five Challenges After the Pandemic

November 12, 2020

LONDON — The Greek economy will contract by around 8.0 pct this year and will return to positive growth rates in 2021 although the negative effects of the pandemic will expand in the first half of next year, said Nikos Karamouzis, chairman of Grant Thornton and executive chairman in SMERemediumCap in an article on Thursday.

Karamouzis said conditions in Greece and globally were extremely difficult and uncertain due to the adverse effects of the pandemic and noted that an unprecedented fiscal and monetary intervention was needed worldwide to ease the negative effects on the economy and society. Any forecasts were extremely risky and the outlook was not positive since there were no clear signs over finding and distributing reliable medicines and vaccines, he added.

He stressed that Greece will have to face five crucial medium-term challenges after exiting the pandemic, such as fiscal conditions in Greece and abroad, current low interest rates and borrowing risk premium offered by ECB, which are not sustainable in the long-term, increasing financial burden on Greek enterprises, reforms and issues related with financing from the Recovery Fund in the next seven years.

 

RELATED

The continuation of the pandemic continues to raise hurdles in forecasting the short-term trend of the country's Gross Domestic Product, but based on available data the Greek GDP is expected to rise by 5,2% in the first half of 2022 (7% in the first quarter and 3.

Top Stories

Society

ATHENS — A severe weather front has hit Greece, with below-freezing temperatures and snowfall in many parts of the country, including the capital Athens and many Aegean islands.

Events

BROOMALL, PA – The community of St Luke in Broomall held the annual cutting of the Vasilopita event on January 23.

Society

ATHENS – Women in Greece – those who survive – are coming out to report domestic violence that has become endemic in the county, with 5,705 cases in the first 10 months of 2021, when there was a rash of femicide.

Video

Biden Caught on Hot Mic Swearing at Fox News Reporter

WASHINGTON — President Joe Biden responded to a question about inflation by calling a Fox News reporter a vulgarity.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.