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The Greek Economy

(GREEK NEWS AGENDA)   According to the latest reports on the Greek economy published by the International Monetary Fund (IMF) for 2007 (30.4.2008) and European Commission’s spring forecast, 2008-2009  (28.4.2008), predictions are temperately optimistic, despite a difficult and stressful world economic environment. In particular, for 2008, the IMF estimates that economic growth will reach 3.7%, as opposed to the Greek Central Bank’s 3.5% and to European Commission’s 3.4%. Even so, the Commission points out that a 3.4%’s growth rate is double that of the eurozone average. Furthermore, the Commission says that the deficit will be close to 2% for 2008 and 2009, while the public debt is estimated to decrease to 92.4% for 2008 and even further to 90.2% in 2009. Inflation will rise to 3.7% for 2008 as opposed to 3% of the previous year and to 3.6% in 2009. The IMF encourages Greece’s planning for balancing the books by 2010 and insists on neater tax administration and collection, as well as restrained public spending.     Continue reading