OECD revises Greek GDP growth forecast downwards; 1.1% for 2017, 2.5% for 2018

Wednesday, 07 June 2017 15:30
UPD:15:36
EUROKINISSI/ΚΟΝΤΑΡΙΝΗΣ ΓΙΩΡΓΟΣ

The revision, downwards, was mostly expected due to the ongoing delay in concluding the second review of the Greek bailout program.

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The Organisation for Economic Co-operation and Development (OECD) on Wednesday was the latest international institution to lower its annual growth forecast for crisis-battered Greece, putting the figure for the current year at 1.1 percent and 2.5 percent for 2018.

The revision, downwards, was mostly expected due to the ongoing delay in concluding the second review of the Greek bailout program.

Conversely, the OECD forecasts that the primary budget surplus will remain at a high level, 2.5 percent of GDP for both 2017 and 2018.

Additionally, the organization reiterated the need for debt relief to ensure that the country's debt is sustainable, more-or-less echoing the standing IMF position. 

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