German media RND reports on forecasts of a rapid recovery for Greece’s economy

German Greek economy set to shrink but due for recovery in 2021

German media network RND, in an article on Monday, reported on the forecasts predicting a rapid recovery of the Greek economy after the pandemic, mainly due to tourism and the European Union Recovery Plan.

The German media outlet cited recent good forecasts for the Greek economy’s performance once pandemic restrictions are lifted.

“The EU Recovery Plan for the coronavirus [pandemic] is an important developmental tool,” it said.

The German article explained that Greece expects 30.5 billion euros from the programme grants and low-interest loans by the end of 2026, which it is planning to use on climate protection and digitisation projects.

“The Greek development programme could contribute a cumulative 18.3% to Greek GDP over the next six years, as S&P analysts estimate,” according to the report, noting that in the last 12 months, deposits in Greek banks increased by 19.6 billion euros.

READ MORE: Greek unemployment rate at 16% in January.