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OECD cuts Greek GDP projections, 2017 GDP to be 1.3%

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Staff Writer | November 29, 2016
OECD
South of Europe   Fiscal targets from 2015 were met

The Organization for Economic Cooperation and Development (OECD) said it expects Greece’s GDP to grow by 1.3% next year and 1.9% in 2018.

OECD is revising to the worse its previous predictions released in June, which were for a economic growth of 1.9% in 2017.

It urged for additional debt relief, as “even if the ambitious medium-term fiscal targets established in the 2015 agreement with creditors were met, more should be done to make public debt clearly sustainable,” it said in its latest Global Economic Outlook.

“Growth has rebounded in the second half of 2016 and is projected to gain strength in 2017 and 2018 as structural reforms start to bear fruit, the conclusion of a policy review with creditors raises business and consumer confidence and the economic and political environment stabilises,” the Paris-based think-tank said.

Travel receipts declined in the first half of 2016 and the contribution of tourism to GDP growth is expected to decrease further due to the impact of Brexit and the refugee crisis.

Employment is projected to increase but unemployment remains far too high, it said. Unemployment is seen falling to 23.1% next year from 23.5% this year. In 2018, unemployment is seen at 22.7%.

Public debt is seen at 176.6% of GDP in 2017 and at 171.5% of GDP in 2018.


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