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Greek economy to shrink by 7.5-10.5% this year

Europe Materials 9 July 2020 15:42
Greek economy to shrink by 7.5-10.5% this year

Greece’s economy will contract by 7.5% this year under a baseline scenario and at a faster pace of 10.5% under an adverse one, due to the impact of COVID-19, the country’s influential think tank IOBE said on Thursday, Trend reports with reference to Reuters.

In its quarterly report, the Foundation of Economic and Industrial Research (IOBE) also projects that the unemployment rate could rise to 19.3% - 20.5% this year.

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