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GreekReporter.com Greek News Economy Greek Budget Report: Economic Recovery Not Visible Yet

Greek Budget Report: Economic Recovery Not Visible Yet

greek parliamentGreek Parliament’s quarterly report points to growth prospects to follow the completion of the first review and “additional bailout.” The report states that development will come if the reforms are adopted, but there are still dangers lurking.
The report stresses that development isn’t immediately visible as there was a downward trend in the first six months of 2016. There are dangers that there may be stagnation rather than economic recovery. The mixture of policies that characterize the new program with austerity measures worth 3 percent of the GDP make it economic recovery hard to achieve. The goal of a primary surplus at 3.5 percent of the GDP after 2018 is considered to not be realistic, and discussion on the lowering of goals for Greece is viewed as a positive sign.
Labor reforms are to be discussed in the Fall with institutions representing Greece’s creditors (EC, ECB, ESM and IMF), and the report states that lines are unclear and this could create new uncertainty and a further slump in the recovery of the country and improvement to employment.

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