Scope Ratings: Covid-19 to bump Greek economy into recession

Friday, 20 March 2020 19:51
UPD:19:53
Eurokinissi/ΚΑΡΑΓΙΑΝΝΗΣ ΜΙΧΑΛΗΣ
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The "Covid-19 effect" is forecast to throw the Greek economy back into a recessionary spiral, according to Scope Ratings, with its revised projection for 2020 pointing to a GDP decrease by 1 percent, overturning the previous forecast of 2.3 percent in annual growth after 1.9 percent in 2019.

Scopes says the downturn will be even greater if the current slide in major European economies continues in the first half of the year.

At the same time, the ratings firm recognizes the significant stimulus entailed in the ECB's QE program, which will now include Greek state bonds.

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