Greece’s economy will contract by about 5.0 percent to 9.0 percent this year under baseline and adverse scenarios, hit by lockdown measures to stem the spread of the novel coronavirus, an influential think-tank forecast on Wednesday, ekathimerini.com reports.
The projection by the Foundation of Economic and Industrial Research (IOBE) in its quarterly review was a sharp downgrade of former forecasts of 2.2 percent -2.5 percent growth made only in February.
Greece has been on a recovery path following a 10-year debt crisis that shrank the economy by a quarter. It grew by 1.9 percent last year, helped by booming tourism, which is also expected to take a big hit this year.
Read the full report at ekathimerini.com
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