Greek economy set to grow by 2.7 pct under budget plan

The 2017 draft budget tabled to Parliament on Monday, also envisages a 760-million-euros support to weak households through the introduction of a Social Solidarity Income plan throughout the country and an additional 250 million euros in a Public Investment Program aimed to boost growth. The draft plan envisages that economic growth will begin in the second half of 2016 for an annual recession of 0.3 pct in the year, with economic growth rates accelerating to 2.7 pct in 2017. The unemployment rate is projected to ease to 22.4 pct of the workforce next year from 23.5 pct in 2016. The primary surplus is expected to reach 0.63 pct of GDP this year, surpassing an initial target of 0.5 pct and to rise to 1.80 pct of GDP in 2017.
Finance Minister Euclid Tsakalotos said the new budget signaled the return of the Greek economy to positive growth rates.