PBO urges continued fiscal discipline amid growing instability
Rising bond yields a concern, but not an immediate fiscal problem
OECD finds tax cuts linked to pandemic helped reduce wedge on labour
Reopening of 7-year bond affirms tougher conditions on sovereign debt market
S&P moves Greece closer to investment grade, puts focus on budget and growth
BoG: Growth could be 2 pts lower than expected, inflation may reach 7 pct
EC sticks with 0.6 pct growth for Greece in 2014 but also sees C/A deficit
In its winter economic forecasts released on Tuesday, the European Commission (EC) notes that recent data support expectations that Greece should return to growth in 2014. Confidence indicators continue to improve, whilst hard data releases suggest the first signs of recovery.
The EC retains its headline forecasts for Greek GDP growth unchanged at 0.6 percent in 2014 and 2.9 percent in 2015. Nevertheless, there are some differentiations in the evolution of the key GDP contributors:
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