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GreekReporter.comBusinessIOBE Forecasts Greece GDP Recession at 1% for 2016

IOBE Forecasts Greece GDP Recession at 1% for 2016

manufacturing greeceOn Wednesday the Foundation for Economic and Industrial Research (IOBE) released a gloomy report, predicting that Greece will suffer a contraction of 1 percent of its gross domestic product in 2016, according to ekathimerini.com.
The IOBE stressed that Greece must take measures immediately to increase investment.
Nikos Vettas, the general director of IOBE spoke at the report’s presentation saying that “unless the Greek economy reverts immediately to growth, we fear there will be a negative impact on the productive enterprises of the country, as there is simply no more space for them.”
The forecast released by the IOBE differs from that of the government’s projections of contractions by 0.6 percent contradiction and -0.3 percent by the European Commission.
Further underlining the need for action was IOBE chairman Takis Athanasopoulos, as he added, “all of us, the government, the opposition, workers, corporate officials and entrepreneurs, are speaking about the need for investments that will create jobs, and generally about the growth of entrepreneurship. It is up to us how rapidly and efficiently we can make the most of those advantages.”

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