Thursday, Jun 04
Greek economy shrinks up due to coronavirus

Greek economy shrinks up due to coronavirus

The pandemic dashed Greek hopes for strong growth this year.
20.05.2020 - 13:31

Greece’s economy may shrink 10 to 13% this year following a lockdown imposed to stem the spread of the novel coronavirus, but the government will take steps to mitigate the impact, the country’s finance minister said on Wednesday.

GOVERNMENT WILL SUPPORT BUSINESSES AND PROTECT JOBS

Finance Minister Christos Staikouras told Greek radio Real FM that the economy, which emerged from a decade-long debt crisis and three international bailouts in 2018, can withstand a possible second wave of infections in autumn.

The conservative government will support businesses and protect jobs, he said, and plans to take measures that could contain the estimated recession by as much as 8 points.

“We aim for the economy to gradually return to the dynamic it had before the health crisis, in February,” Staikouras said.