Nikos Vettas

Nikos Vettas, the general director of the Foundation for Economic and Industrial Research (IOBE) and a professor at the Athens University of Economics and Business, joins Thanos Davelis to look into the state of Greece's economy - from the recent protests over the cost of living crisis and wages, to growth and debt reduction.

The global economy has been suffering from uneven growth in recent years, yet it is extremely striking how weak Europe remains relative to the US, China and other Asian economies.

The IOBE was added to the organizations that have downwardly revised their forecasts for this year's Greek growth, placing it at 2.1%, against a previous estimate of 2.4%, its General Director Nikos Vettas said on Tuesday while presenting the report of the Foundation for Economic and Industrial Research for the first quarter.

Accountability and transparency are severely lacking in the National Health System.

A study of 90 hospitals and their accounting statements from 2012-20 by the Foundation for Economic and Industrial Research (IOBE) has found rudimentary reporting that focuses on what state subsidies are spent on and makes no mention of how supplies are used and the state and age of the inventory.

The Foundation for Economic and Industrial Research (IOBE) has upwardly revised its forecast for Greece's growth in 2023 to 2.4%, from 1.4% three months ago, following a general trend after statistical agency ELSTAT's positive data for a growth rate of 5.9% in 2022.

The value of debit and credit cards transactions by Greeks last year reached 49.6 billion euros, accounting for approximately 38% of private consumption.

The election risk is perhaps the greatest challenge for the course of Greek economy, fiscal stability and the conquest of investment grade, in a year when international uncertainties are running high.

Foundation for Economic & Industrial Research-IOBE maintains many reservations for next year, even forecasting 0% growth for 2023, according to the unfavorable scenario.

The economy will grow by 4%-4.3% this year, according to the baseline scenario of the Foundation for Economic and Industrial Research (IOBE), undercutting the more optimistic forecasts for a 4.8% expansion by the government, 5% by the European Commission and 5.7% by the International Monetary Fund.

The 9th Thessaloniki International Symposium continues on Monday with its second public debate. The theme is "Global Recession and the Greek Economy."

The event features the head of the Foundation for Economic and Industrial research (IOBE), Nikos Vettas, and the director of the Center for European Policy Studies, Daniel Gros.