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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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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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EconomyMacroeconomy
IMF expects difficult year for public finances, PBO highlights impact on labour force The IMF released on Wednesday its Fiscal Monitor report, which compounded the grim picture for Greece on the budget front, after the forecast for a 10 pct in the World Economic Outlook that was published on Tuesday.
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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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PoliticsGreek Politics
In Washington, Mitsotakis stresses economic recovery, geopolitical importance as IMF departure announced Prime Minister Kyriakos Mitsotakis had the opportunity on Tuesday to fill US President Donald Trump in on Greece’s economic recovery, while also gauging the level of support Athens can expect from Washington in the former’s escalating dispute with Turkey.
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EconomyFeatures
IMF paper suggests shadow economy still thriving A working paper from the International Monetary Fund (IMF) on the shadow economy of Europe has shown that the phenomenon continues to persist in the Greek economy.
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EconomyProgramme Focus shifts to DSA, fiscal targets after IMF loan prepayment The Greek Finance Ministry announced on Monday that the process of prepaying some of the outstanding obligations to the IMF has been completed after Athens paid ahead of time 2.7 billion euros.
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EconomyProgramme
Despite differing views IMF and EC see no immediate debt sustainability concerns Greece’s debt sustainability was assessed again by the two main institutions tasked with the analysis of the viability of the country’s debt, the IMF as part of the Article IV consultation process published last week and the European Commission in the fourth post-programme review released on Wednesday.
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EconomyBanking IMF consultation report pinpoints health of Greek banks as central to growth In the Article IV consultation report that was published on Friday, the International Monetary Fund (IMF) took a detailed look into Greece’s banking sector, as the Fund has repeatedly stated that restoring Greek banks back to health is a prerequisite for the country to attract investment and achieve higher growth rates, while it remains an area of fiscal and wider financial stability risks.
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EconomyProgramme IMF cool on growth, urges greater effort on bank, fiscal and labour reforms The International Monetary Fund (IMF) issued on Friday its latest Article IV consultation report for Greece and its assessment of the condition and prospects of the Greek economy.