News World Coronavirus to drive Greek economy into recession - finmin

Coronavirus to drive Greek economy into recession – finmin

Greece’s economy will contract this year because of the coronavirus lockdown, the country’s finance minister said on Tuesday, but the projected recession will be temporary.

It was a rapid re-estimation as the minister had projected eight days ago that the economy would weather the coronavirus storm and “grow just a little over 0%”.

“The situation in Greece’s economy has deteriorated and continues to deteriorate,” Christos Staikouras said in a televised address. “The crisis is deep, it will become deeper and the economy will turn into recession in 2020.”

Greece, which exited its latest bailout in 2018 and was recovering after a multi-year downturn, had been projecting that its economic output would increase by 2.8%.

Staikouras said the downturn will be temporary but the damage to the economy in the short term would be significant.

Prime minister Kyriakos Mitsotakis said last week the government would inject 10 billion euros to support the economy through tough times due to the coronavirus outbreak.

Greece’s central bank slashed growth projections for the economy to 0% from a previously estimated 2.4% this year due to the impact of the coronavirus epidemic.

(Reuters)

Top Stories

Irresponsible doctor dies in Uzbekistan after coronavirus self-treatment

A doctor in Uzbekistan died today after unsuccessfully trying to treat a coronavirus infection that he kept secret. According to the Central Asian nation's health...

Chinese medical supplies to arrive in Cyprus on Aegean flight

Aegean has offered free transport of much needed medical supplies from China, to speed up the process and strengthen Cyprus' fight against the coronavirus. According...

How to pay a restriction violation fine

Fines for violations of the restriction decrees, enforced on March 24, are payable as follows: Any commercial bank connected to the payment provider or providers...

What we don’t yet know about the coronavirus

It has been only three months since reports first emerged from China of an unknown virus causing unusual cases of pneumonia, and scientists and...

Coronavirus patient critical at Limassol hospital

A coronavirus patient at Limassol hospital is reported to be in critical condition and has been placed on a respirator. According to the State Health...

Taste

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....

Classic Pastitsio

Prepare the mince sauce: heat the butter in a pan and sauté the mince with the onion and garlic until nicely browned, mixing well....

Grilled vegetable and goat cheese rolls

Brush the vegetables with olive oil and season. Heat a pan/griddle and cook them carefully until golden on both sides, making sure their shape...