Recession looms before breather in 2021

Memories of Greece's bailout years are returning as a result of the macroeconomic shocks caused by the Covid-19 pandemic, according to the International Monetary Fund, which however is also predicting a return to growth in 2021.

The Greek economy is expected to contract by 10 percent in 2020. It's the highest rate in the eurozone, as tourism plays a key role in the Greek economy and is the most affected sector.

The recession will be followed by 5.1 percent growth in 2021, the IMF said in its World Economic Outlook report, which was presented by Gita Gopinath, its chief economist.

The Fund's forecasts for the eurozone are not far from those of the Commission, which has placed the spectrum of the dip at between 5 and 10 percent.

For Greece, 10 percent compares to the worst year of the bailouts in 2011, when the economy shrank 9.1 percent, while the decline...