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The standard of living in the country before the crisis was approaching the standard of living in the Nordic countries, now approaching that of the other Balkan countries, "said Takis Athanasopoulos, chairman of the board of directors of the country. IOBE, at the presentation of the second quarterly report The Economy.
The damage done to the economy and to the country is very important, said Mr. Athanasopoulos.Efforts to undertake radical reforms to improve economic activity and attract foreign investment to help maintain the standard of living that our country has reached over the last decade have not received the required social support.
"But they do not are not all lost, "said Athanbadopoulos, pointing out that" in recent years, several reforms have been completed, many things have changed and the country is in our hands. go much faster. "" There is still time to resume and recover the standard of living lost. "
Meanwhile, a 2% growth is expected for IOBE in 2018, and according to the Foundation's General Manager, Nikos Vetta, the rates of growth recorded those that would be expected for an economy that emerges from the crisis in a dynamic way.
According to the second quarterly report of the IOBE on the Greek economy presented today, the l 39; economy grew in the first quarter of 2018 to 2.3%, compared with 2% in the fourth quarter of 2017 and a marginal growth of 0.3% in the first quarter of 2017.
Growth results from the improvement of the external balance due to the expansion of exports (+ 7.6%) and imports (-2.8%). Investments decreased by 12.1%, a trend which, like the evolution imports, was due to a rather temporary factor, the sharp drop in imports of ships [19659003] Household consumption remained downward in the third quarter (-0.4%), while public consumption slightly strengthened (+ 0.3%).
The creation of a consensual culture, the main characteristic of prosperous countries, is a prerequisite. Most examples of countries that have managed to recover their economy in a short period of time. They have achieved this by adopting best practices that have been successfully implemented in other countries during times of economic crisis that have served as a guarantee to future generations of the needs and priorities of the generation that is making decisions today, " noted the president of IOBE. 19659003] The main points of the IOBE report include:
- Acceleration of growth in Greece in 2018, at 2.0%. Stimulation of domestic economic activity by the continued growth of exports (+ 7.0%). Significant contribution expected and investment in GDP growth (+ 13%), in extrinsic sectors (manufacturing, tourism, transport) and in privatization – privatization. Moderate contribution of the IIP for the second year. Household consumption growth lower than initially forecast (+ 0.7%), despite the fall in unemployment due to the restrictive pressures of the fiscal measures of 2018. The expansion of public consumption (+ 1.5% ), the pursuit of fiscal adjustment revenue growth
- Achievement of cash targets during the first five months of 2018, mainly due to the higher budget revenues of the state. This is mainly thanks to the higher than expected revenue from the public investment program, of 462 million euros, but also to the bulk of the budget 's net revenue, of 372 million euros. euros. ] Further decline in unemployment in January-March this year compared with the same period last year, to 21.2% of 23.3%. Increase employment mainly in the areas of health, agriculture and forestry, fishing and wholesale retail It should be noted that 43.2% of the decrease comes from the reduction of the workforce. Continue the decline this year, from the boosting of employment to extroverted sectors (Manufacturing, Tourism, Transport). Greater than the contribution of the construction industry to employment (privatization, new construction). Enlargement of employment, permanent and temporary, in the public sector. Subsequently, the unemployment rate in the region of 19.8% for the whole of 2018.
- The rate of change in prices rebounded in the second quarter of 2018. The inflationary pressure, currently moderate, in Because of the rise in international oil prices, the weakening of the impact of growth on indirect taxes and weak consumer demand worsened. Nevertheless, the price increase rate in the first five months of 2018 was marginal, 0.1%, compared with 1.4% a year ago. IOBE estimates that prices will continue to rise this year, but at a slower pace than last year, close to 0.5%, perhaps slightly higher.
- Repeats itself with a steady but slow banking system. Following the positive results of the bank stress test (May 2018), the slow return of private sector deposits, the gradual easing of capital restrictions, the reduction of non-performing bank exposures, the achievement of their respective objectives and reducing banks' reliance on ELA financing. Major challenges remain, such as the negative "rate of robustness" of private sector financing by banks and the rise in corporate borrowing costs relative to the rest of the eurozone
. Said the director general of the IOBE Nikos Vettas, during the presentation of the exhibition, the Greek program will be, although long-standing, the last to be completed in the rescue programs in the eurozone, which was triggered by the international crisis in 2008.
n successive programs, the Greek economy is in balanced budget, no longer produces budget deficits. The external balance is also balanced, with a significant drop in imports over the last decade followed by a gradual increase in exports. The international competitiveness of the economy has also improved, mainly thanks to adjustments of unit labor costs
According to Mr. Vetta, the balance of the economy has been improved. economy was reached mainly by a recession. The crucial question is whether the elimination of twin deficits is sustainable and consistent with a systematic and robust growth path. At the same time, the growth rates recorded during the current period are not what one would expect from an economy emerging from the crisis in a dynamic way and strongly dependent on the external environment. positive of the economy
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