The European Commission forecasts that the Greek economy will return to growth in the second half of the year and could grow by 2.7 pct in 2017 on the condition that the country implements vital reforms agreed in a bailout programme, EU Commissioner for Economic Affairs Pierre Moscovici said in video address shown at a conference in Greece on Friday.
In his message, Moscovici said implementation of the reforms would lay the groundwork for a return of confidence, allowing an expected lifting of capital controls in the country.
“Crucial reforms must be done now, the cost and challenges will be bigger in the future,” the commissioner said in a video message. “A broad political consensus would increase the probability of success and would reduce uncertainty.”
Referring to the course of implementation of the economic adjustment programme, the Commissioner stressed that the steps made since August “are encouraging and now we can turn our attention to completing the first review of the programme, which must be completed soon to restore confidence. Greece must promote certainty – political, legal, administrative. Because uncertainty gives birth to more uncertainty.”
Broad political consensus
Moscovici said that measures taken by the leftist-led government since August have been encouraging and a fast completion of the review would boost confidence and pave the way to ease capital controls that were imposed in late June.
His address was shown at the Delphi Economic Forum, held in the municipality that includes the iconic archaeological site in central mountainous Greece.
According to Reuters, Greece must push on with the implementation of crucial reforms to stabilize its economy and return to growth and broad political consensus will help the effort.
Athens is keen to conclude the first review of its performance on implementing reforms prescribed in its third bailout, clinched in August last year. But a key element – the overhaul of its ailing pension system remains a snag.
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