Greece’s central bank announced that it has developed a main forecast and two alternate “scenarios” regarding the country’s economic course, all amid the continuous fallout from more than three months of coronavirus-related “lockdowns” and restrictions.
Accrording to the Bank of Greece (BoG), the primary forecast foresees a recession of 5.8 percent this year, with the “rebound” in 2021 reaching 5.6 percent; 3.7 percent in 2022.
Another, much milder “scenario”, points to a 4.4-percent recession this year, with the economy rising by 5.8 percent in 2021 and 3.8 percent in 2022.
Conversely, the more pessimistic scenario, one linked to a resurgence in the Covid-19 pandemic, foresees a nearly double-digit downturn this year, at 9.4 percent, with a rebound of 5.7 percent in 2021, and another 4.5-percent rise in 2022.
As widely expected, the BoG said the pandemic in the first half of the year decimated Greece’s growth prospects for 2020, with March and April, for instance, recording a significant slowdown in all types of economic activity due to the “lockdown”.
