Greece’s central banker offered a significantly milder forecast for a now unavoidable recession in the country for 2020, saying the Greek economy will not shrink by more than 4 percent of GDP, mostly the negative result of the still ongoing coronavirus pandemic.
“I continue to believe that all these scenarios of 10 percent recession and greater are excessively extreme, and will not materialize,” Bank of Greece (BoG) Gov. Yannis Stournaras said on Tuesday, addressing a crowdcast on the theme of jump-starting the economy.
He added that most extreme BoG scenario is no more than 8 percent.
The IMF, among others, forecast a recession for Greece of roughly 10 percent in 2020, recovering in 2021, but only at 5 percent on an annual basis.
