Greek Finance Minister: Expect a recession of up to 10 percent due to tourism losses


The Greek economy could contract by five to ten percent this year due to the coronavirus pandemic, Greek Finance Minister, Christos Staikouras, said in an interview with Thema FM on Sunday.

Mr Staikouras acknowledged that although the initial forecast for GDP growth in 2020 was better in Greece than in other Eurozone member states, the large stake of tourism in the Greek economy makes it more vulnerable to the crisis.

“Greece, which started with better and higher dynamics than the other countries, was estimated to have more than double the economic growth rate compared to Europe,” the Finance Minister said.

“But now we estimate that the Greek economy will be about the same as the European recession due to the greater exposure to our tourism.”

Greek Finance Minister, Christos Staikouras, said the economy could contract by five to ten percent this year. Source: Sterea News.

Asked if there would be lending in terms of debt, Mr Staikouras replied that important decisions had been made regarding fiscal easing and that Greece had the opportunity to take advantage of fiscal spending.

“Greece has the opportunity to finance the crisis conditionally. We have a cash buffer today and it is up to us to deal with the crisis effectively,” he said.

“The Government is trying to give a comprehensive plan which is constantly enriching and rational.”

Mr Staikouras said everything will depend on how the economy functions in the coming months, but the outlook is not looking positive as recent statistics suggest the Greek tourism industry is set to lose at least 50 percent of its revenue in 2020.




By subscribing you accept our Terms of Service and Privacy Policy.


Latest News

Mykonos shop owner reflects on Australia, Greece and crystals

Greek Australian, Apostolos Triantafyllou, 56, has been living in Mykonos for over 30 years now, and running his jewellery store 'Amethyst'.

Niki Louca shares her recipe for chicken pie with mushrooms

Niki Louca from My Greek Kitchen shares her favourite recipe for kotopita with manitaria (chicken pie with mushrooms) with The Greek Herald.

Dr Trakakis to give lecture in Melbourne on the late poet Tasos Leivaditis

Dr Nick Trakakis will give a seminar on Thursday, May 30 at the Greek Centre in Melbourne on the late poet Tasos Leivaditis.

Greek Australian artist VASSY receives Billions List award

Greek Australian-bred, singer, songwriter and dance music producer VASSY, has been honoured with the Billions List Award by APRA AMCOS.

Themis Chryssidis to reinvent his acclaimed Adelaide restaurant

Themis Chryssidis is transforming his acclaimed city restaurant, eleven, with a new menu and more affordable prices.

You May Also Like

All Greek girls team prepares to play in the Sydney Nines Tournament for first time

Greek Australian girls will be wearing the blue and white jersey on February 20, as they compete in the Sydney Nines tournament.

Olympia Valance set to return to Neighbours for series finale

Fan favourite, Olympia Valance will be returning to Ramsay Street as ‘Paige Smith’ in July ahead of the “epic” series finale on August 1. 

Queen Victoria Market: Your one-stop shop for produce this Orthodox Easter

Orthodox Easter is almost here and Queen Victoria Market is brimming with all the produce, goodies and gifts you need to celebrate on Sunday.