IOBE: Growth won't make budget target in 2017

The delay in the completion of Greece's second bailout review will inflict a blow on economic growth this year, which will underperform the government's expectations, the Foundation for Economic and Industrial Research (IOBE) argues in its quarterly report released on Thursday.

IOBE analysts note that the economic rebound in 2017 will range between 1.5 and 1.8 percent, which is smaller than the target set in the budget. They also estimate that unless the review is completed by spring, that possible growth rate of 1.8 percent will no longer be attainable.

The foundation believes that the budget target of 2.7 percent expansion will not be achieved due to the delay in entering the European Central Bank's quantitative easing (QE) program, increased imports and the delay in the review's completion.

For 2017, IOBE says the main factor affecting the Greek economy - quite...