By N. Bellos
The Greek economy has posted significant progress and macro-economic imbalances, such as those in the fiscal sector, have been rectified, according to a report issued by the European Stability Mechanism on Monday, entitled “The ESM Stability Support Programme Greece, First & Second Reviews – July 2017 Background Report.”
The Eurozone’s emergency fund nevertheless said efforts and reforms must continue even after the end of the current, third, bailout. Moreover, the ESM report pointed to a need to reduce the high level of non-performing loans in the country.
The report forecasts Greek GDP growth in 2018 at 2.5 percent, with private consumption and investment cited as the two major growth-generating factors. The contribution of net exports will also be positive, in tandem with continued strong demand for Greece’s tourism products.
The entire report can be found here:
