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22ndannualcapital

OECD Predicts Greek Economic Growth Next Year

Contrary to the European Commission and the Hellenic government, the Organization for Economic Cooperation and Develop is not hopeful that the nation's economy will evolve this year.

The OECD bi-annual Economic Outlook predicts that the economy will downsize by an additional 0.3% of GDP in 2014. The agency foresees a 1.9% GDP enlargement in 2015.  The European Commission and Greece have concluded that there will be marginal improvements this year.

The OECD has confirmed a 27.1% unemployment rate this year, and one reaching 26.7% next year. In comparison to the overall international economy, the Paris-based firm has envisioned a 3.4% overall growth rate, instead of the original 3.6% rate predicted in November 2013.

OECD Chief Economist Rintaro Tamaki described, "Part of this deceleration is benign, reflecting cyclical slowdowns from overheated starting positions...However, managing the credit slowdown and the risks that built up during the period of easy global monetary conditions could be a major challenge".