IMF Expects Marginal Greek Growth in 2014
- Written by E.Tsiliopoulos
The Greek economy will grow by 0.6% in 2014 after a 4.2% recession this year, the International Monetary Fund (IMF) said on Tuesday.
In its annual World Economic Outlook report, the IMF predicted a gradual recovery of the economy, with the growth rate reaching 2.2% in the fourth quarter of 2014, after a recession of 2.6% in the third quarter of 2013.
The inflation rate is forecast to remain at a negative level in 2014 (-0.8% from -0.4% in 2013), while the current account deficit is projected to fall further to 0.5% of GDP next year from 1.0% of GDP in 2013.
The IMF noted that "an adjustment is needed to boost external competitiveness and to avoid the reappearance of large deficits in their current account balances, as their economies will recover".
The report noted that an adjustment through a reduction of labor costs, particularly in Greece and Ireland, has been achieved already.
The Fund also noted that economic growth is beginning to reappear in the Eurozone, although very weak, while it stressedr the need for a full banking union within the Eurozone.
Related items
-
The programs for hosting diaspora children by the General Secretariat of Hellenism Abroad continue
-
Anne Hathaway: In Hydra for a vacation with her family
-
Pyrros Dimas: Photographed with Snoop Dogg in France
-
Tourists in Skiathos continue dangerous habit of sitting in back of planes while turbine kicks on (video)
-
Dendias after LoA signing: acquisition of F-35s will lead Hellenic Air Force into a new era
Latest from E.Tsiliopoulos
- The programs for hosting diaspora children by the General Secretariat of Hellenism Abroad continue
- Anne Hathaway: In Hydra for a vacation with her family
- Pyrros Dimas: Photographed with Snoop Dogg in France
- Tourists in Skiathos continue dangerous habit of sitting in back of planes while turbine kicks on (video)
- Dendias after LoA signing: acquisition of F-35s will lead Hellenic Air Force into a new era