Greece forecasts GDP growth in 2014 for 1st time in 6 years Investment, exports to rise, government deficit to shrink after harsh austerity measures CBC News Posted: Oct 07, 2013 12:17 PM ET Last Updated: Oct 07, 2013 12:17 PM ET
The Greek government is forecasting economic growth of 0.6 per cent in 2014, which would be the first expansion of the economy in six years and could mark a turnaround for one of Europe's most financially troubled countries. Greece's economy still is predicted to shrink by four per cent in 2013, the result of harsh spending cuts and tax increases it implemented to meet the terms of its international bailout. But in a draft budget presented Monday, deputy finance minister Christos Staikouras said he sees a rise in investment and exports. The trouble with Greece
Greek youth unemployment hits record 65%
Staikouras also foresees a slight drop in Greece's catastrophic unemployment rate, at 27 per cent the highest in the eurozone. Next year, it's expected that 26 per cent of the population will be jobless. Greece's economy was hit by the global financial crisis of 2008. But by 2009, it was clear that it could not handle its government debt load and the country teetered on the brink of bankruptcy in 2010. 'In the last three years, Greece found itself in a painful recession with an unprecedented level of unemployment. Since this year, the sacrifices have begun to yield fruit, giving the first signs of an exit from the crisis,'- Deputy finance minister Christos Staikouras The EU and International Monetary Fund delivered two massive bailouts to keep Greece solvent, but Athens is still carrying substantial debt. "In the last three years, Greece found itself in a painful recession with an unprecedented level of unemployment," Staikouras said at a press conference Monday after unveiling the draft budget. "Since this year, the sacrifices have begun to yield fruit, giving the first signs of an exit from the crisis." Chronic problems not yet...
Cited: "Greece Forecasts GDP Growth in 2014 for 1st Time in 6 Years." CBCnews. CBC/Radio Canada, n.d. Web. 07 Oct. 2013.
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