Government Reports Says That Greece Is Witnessing Economy Tanking In The Year 2020

News-CIF-updated


Government reports says that Greece economy is expecting to contract by 4.7 per cent this year to 8.9 per cent under the baseline and also numerous adverse scenarios that are taken into account by the impact of Covid-19.

The Finance Ministry reported that, the outbreak of Covid-19 has given a burden on the economy of Greece as on the remaining of the economies in the world. The report said that the supply, demand and liquidity shocks to the economy in the world has set a stage for a massive global recession, which is forecasted to be worse that the financial crisis that took place in the year 2008. The global economy is now facing a high-degree of uncertainty due to the pandemic outbreak.

The Greek economy is presented to outer stuns because of an impressive reliance on the tourism industry and also transportation receipts. The main goals of the government is to bridge the gap of growth that has been brought about by the health crisis and also to attract investments.

The 4.7 per cent contraction of the baseline projection considers the effect of the policy reaction measures and also expects that the public health crisis will blur in the second half of the year 2020. The program also extends an essentially more profound constriction of up to 8.9 percent because of a more extreme drop of exports and more extensive negative spillover impacts, under another set of assumptions that are adverse.