Categories: Greek NEWS
| On 1 year ago

Greece’s economy forecast to grow by 2.8 percent in 2020

By Gct

Greece expects its economy to grow by 2.8 percent in 2020 whilst respecting fiscal pledges to the country’s creditors, said a draft budget released on Monday.

The draft submitted Monday to parliament includes growth forecasts of 2.0% and 2.8% for 2019 and 2020 — above the European Commission’s forecast of 2.2% growth in Greece next year.

The draft also forecasts an unemployment fall to 15.6 percent from 17.4 percent this year, the finance ministry said.

EU-IMF creditors want Greece to pursue economic and fiscal reforms and privatisations and achieve primary budget surpluses – which exclude government debt interest payments – worth 3.5 percent of GDP in the coming years.

Prime Minister Kyriakos Mitsotakis wants to renegotiate this target with the creditors — but has agreed to retain it in 2020 to the tune of 3.56 percent, the ministry said.

Emerging from its third straight bailout last year, it has a public debt of more than 180 percent of gross domestic product and remains under strict supervision by its creditors.

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