A much-anticipated report by the IMF on Monday points to a nightmarish forecast of deep recession for Greece in 2020, with the economy expected to shrink by 10 percent of GDP as a result of the coronavirus pandemic and its devastating effects on both the domestic and global economies.
The forecast also see only a 5.1-percent increase for 2021, meaning that if proven accurate, half of 2020’s “lost ground” will not be recovered the next year.
The International Monetary Fund (IMF) warns that the ongoing pandemic has emerged as the most devastating economic crisis since the Great Depression in the 1930s.
The report comes on the heels of similar ominous assessments by international ratings agencies that nationals economies, including Greece’s previously recovering economy, will be dealt a heavy blow by the Covid-19 crisis.
Prior to the pandemic, the IMF forecast a growth rate of 2.2 percent this year, climbing to 2.8 percent in 2021.
Goldman Sachs recently put the forecast for Greek economic implosion at 9 percent for 2020.
The report puts the recession in Spain and Italy at 8 and 9 percent, respectively, but with slightly slower recovering rates in 2021, at 4.3 and 4.8 percent.
