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.

Cretan Convention - Web Banner

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Greek Welfare Centre launches 2025 Winter Community Appeal to support families in need

The Greek Welfare Centre will host its annual Winter Community Appeal on Thursday, 24 July 2025, at Marrickville Town Hall, from 9am to 4pm.

Fronditha Care finalists shine in national aged care awards

Ageing Australia’s 2025 You are ACE! Awards are a national initiative that recognises individuals making a positive impact in aged care.

Australia-Greece medical ties strengthen with push for mutual recognition of degrees

Efforts to enhance Australia-Greece medical cooperation were the focus of a meeting between Dr Pirpiris, Dr Pantos and Prof Arkadopoulos.

Cypriot Australian Koraly Dimitriadis wins US poetry award

Controversial, Cypriot-Australian poet, writer, performer, film and theatre maker, Koraly Dimitradis's first poetry book, Love and Fck Poems.

Greek Community of Melbourne appoints new Board of Management

The GCM appointed its new Board of Management on Monday night, following the results of the organisation’s election held on June 29.

You May Also Like

NSW to open border with Victoria on November 23

Premier Gladys Berejiklian has confirmed border restrictions between NSW and Victoria will be lifted this month.

Crete and Pontus: Sydney event captures modern Greek culture through traditional songs

On Sunday, 15 October an event showcasing Crete and Pontus through traditional music and dancing took place.

Remembering the Cazzie Club, jewel of the Greek community in Sydney

The Castellorizian Club, or what many knew as the Cazzie Club, was a staple institution for Greeks in Sydney.