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Economy
BoG highlights how Covid-19 compounds legacy issues and structural challenges The Bank of Greece (BoG) published its Monetary Policy Report for 2020 on Monday, outlining the numerous challenges that the pandemic will pose on the Greek economy, public finances and the banking system.
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EconomyMacroeconomy
GDP falls by 1.6 pct QoQ in Q1 and by 0.9 pct YoY Greece’s seasonally adjusted (SA) GDP fell by 1.6 percent quarter-on-quarter (QoQ) in the first quarter (Q1) of 2020 after a decrease of 0.7 percent in Q4 2019, provisional estimates from the Hellenic Statistical Authority (ELSTAT) revealed on Thursday.
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Economy
EC expects Greek GDP to drop by 9.7 pct for biggest fall in EU, before strong rebound in 2021 The European Commission released today its Spring Economic Forecasts, the first official set of numbers since the pandemic outbreak, which point to the EU economies experiencing “a recession of historic proportions this year.”
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Economy
Athens expects emergency economic measures to contain 2020 contraction to 4.7 in baseline The Greek Finance Ministry published on Sunday night the Stability Programme for 2020 that it submitted to the European Commission, providing the first official assessment of the economic impact the government expects to see from Covid 19 this year, as well as the notable recovery expected next year.
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EconomyFeatures
Study proposes higher public spending to counter expected rise in NPLs The Centre of Planning and Economic Research (KEPE) has released an analysis of the impact of the coronavirus on Greece’s non-performing loan market.
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EconomyMacroeconomy
IMF sees 2020 GDP contraction at 10 pct, budget deficit at 9 pct due to virus impact The IMF released on Tuesday its latest economic estimates in the context of the World Economic Outlook, which has incorporated the impact of what it calls The Great Lockdown that sees global GDP dropping by 3 pct in 2020, subject to various uncertainties.
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Economy
OECD sees Greek economy most at risk from Covid-19, with impact reaching up to 35 pct of GDP The Organisation for Economic Cooperation and Development published on Monday a report that evaluates the initial impact on economic activity of containment measures taken around the globe against the spread of the coronavirus.
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Economy
Greece braces for recession, hopes to bounce back from summer onwards The extent of the damage that could be inflicted on the Greek economy as a result of the coronavirus impact is becoming clearer by the day, with the Finance Ministry and leading investment houses now expecting Greece to slip into a recession again this year.
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EconomyFeatures
Tourism industry braces for outcome of gloomy Covid-19 scenarios As the impact from the coronavirus spreads across Europe, the consequences are already being felt across Greece’s vital tourism sector with fears growing that the summer season could be lost.
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Economy
BoG sees broad economic impact from Covid-19, wiping out 2020 growth prospects The Bank of Greece (BoG) published on Friday the governor’s annual report for 2019, which – understandably – is dominated by the impact of Covid-19 on the Greek economy, leading to the central bank revising its forecasts for the economy in 2020, when it expects no growth at all.