The International Monetary Fund (IMF) recently presented its World Economic Outlook, in which it predicts that Greece could experience one of the worst recessions in the world due to the coronavirus pandemic.
The IMF said that Athens will see a drop of 10 percent of its GDP in 2020, a figure not far from the EU average of 7.5, but higher than every other Eurozone member state.
The Fund predicts that the European economy will shrink by 7.5 percent, while the only nation with worse prospects than Greece in 2020 is the micro-state of San Marino, which is expected to lose 12.2 percent of its GDP.
Italy, and Spain, two of the countries worst hit by the pandemic, are expected to see their gross domestic product drop by 9.1 and 8 percent accordingly.
As for 2021, the IMF does predict a frenzy of growth during the predicted rebound from the virus; however, this will not make up for the damage experienced in 2020 for almost any Eurozone member state.
For Greece, the IMF predicts a growth rate of 5.1 percent in 2021, a figure slightly over the 4.7 percent of the average for the Eurozone.
It must be noted, however, that the IMF does not have a good track record predicting growth and recessions — especially when it comes to Greece, as it has failed numerous times in the past to calculate the country’s rates of recovery from the financial crisis of the previous decade.
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