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.

greek film festival melbourne

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Greek Australian Jono Petrohilos leads global fitness education evolution

Greek-Australian entrepreneur Jono Petrohilos shares how he turned his passion for fitness into a global education success story.

Greek Film Festival makes historic debut in Western Sydney

History was made in Parramatta as the 30th Greek Film Festival of Sydney held its official Western Sydney opening at the Riverside Theatres,

Brisbane Roar’s Georgios Vrakas eyes Socceroos future

Brisbane Roar’s new midfielder Georgios Vrakas says he would “love to play for Australia” as he prepares for his A-League debut.

Melbourne Shrine, a symbol, shines light on Greek government’s commitment to diaspora

At Melbourne’s Shrine of Remembrance, Greece’s Deputy Foreign Minister Ioannis Loverdos honoured shared battles.

‘You are a living piece of Greece’: Loverdos moved by Melbourne Greeks

Greece's Deputy Foreign Minister Ioannis Loverdos was visibly moved during a warm welcome at the Greek Community of Melbourne.

You May Also Like

Government announces coronavirus stimulus package to cushion economic impact and keep businesses afloat

The Commonwealth Government has today released the second stage of its economic plan to cushion the economic impact of the coronavirus and help build a bridge to recovery.

South Australians with Greek heritage among the state’s wealthiest

SA is home to some of the country’s most affluent families, many of whom have made their mark through generations of wealth.

UNHCR calls for action after migrant camp floods

The United Nations refugee agency, UNHCR, has called for “urgent action” after heavy rain flooded tents at a new facility set up to replace the camp.