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Greek News

IMF forecasts Greek debt to soar to over 200% of GDP

The International Monetary Fund forecasts the Greek dent will soar to 200.8% of GDP, while the primary deficit will be 5.1% (instead of a surplus of 3.5% of GDP) in its forecast. The IMF also says the budget deficit will reach 9% of GDP for the country.

In the most recent Fiscal Monitor report it published (after the World Economic Outlook yesterday) the IMF estimates that the global budget deficit will jump from 3.7% to 9.9%.

Compared to 2019, public debt in Greece is projected to increase by almost 21 points, from 179.2% of GDP last year to 200.8% in 2020, with declining trends predicted at 194.8% of GDP in 2021.

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

These latest figures come on the heels of yesterday’s gloomy forecasts that Greece would be the only country with a double-digit recession in the Eurozone (10% – 13%) and an explosion of unemployment with 235,000 new unemployed in one year. The reason is the country’s great dependence on tourism and shipping, as the pandemic broke out at the start of the Easter and summer seasons.

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