Image default
Greek News

IMF predicts shocking 10% recession for Greece in 2020 due Covid-19 crisis

The IMF estimates that the effects of the coronavirus crisis on the Greek economy will be devastating due to the hard impact on tourism.

In its World Economic Outlook report released in Washington, the ‘good case’ scenario predicts a 10% recession in Greece this year, the largest in the Eurozone, even worse than in Italy with 9.1%. However, it predicts a recession of only 2.8% for Malta and 6.5% (for Cyprus) and above for all other EU countries.

also read

How Greece is beating coronavirus despite a decade of debt

Hellenic Chamber of Hotels presents relief proposals for after the pandemic

In the “bad case scenario” for the Greek and international economy, it predicts an even bigger recession, of 13% for this year and a further 8% drop in 2021!

Based on the current data, the IMF predicts an explosion of unemployment to 22.3% of the workforce or about 235,000 unemployed for Greece in 2020, while for 2021 it gives a growth forecast of 5.1%.

For the global economy, the Report also forecasts a recession of 3% or 6 points lower than the Fund’s initial forecasts 6 months ago. The IMF directly compares the intensity and extent of the current crisis with that of the Great Depression of 1930.

Σχετικα αρθρα

Wall Street suspends trading as stocks drop by 8% on opening due to coronavirus

admin

New Zealand becomes the first country to legalise cryptocurrency salaries

admin

Old vehicle owners to be burdened with higher registration fees from 2021

admin

Tesla plans to produce 500.000 cars a year in Germany

admin

Lamda Development takes over 100% the Hellinikon Project, in strategic move

admin

Shopping malls to reopen in Greece on Monday, 2 weeks earlier than the original date

admin

Croatia and Bulgaria ready to enter EURO

admin

Tourism Minister from Paris: French investors strongly interested in Greek energy sector

admin

PM Mitsotakis at Hellinikon: More than 80,000 jobs to be created

admin

Coronavirus Fears Wipe Out 2020 Stock Market Gains (infographic)

admin

PM Mitsotakis: Aegean Airlines’s acquisition of Airbus aircraft one of largest ever

admin

TUI unveils plans to increase market share right after Thomas Cook collapse

admin

Which countries have the highest inflation? (infographic)

admin

Mobile ad spending to surpass desktop by 2022 (infographic)

admin

The “sick men” of Europe rise, but for how long?

admin

US crude plunges by 14%

admin

The World’s Largest Retailers (infographic)

admin

Central Council of Modern Monuments green lights Elliniko mixed-use project

admin