Recessions

The World Bank has raised its growth projection for the Turkish economy by 0.5 percentage points to 5 percent for 2021.

Bulgaria's economy grew by 2.5 per cent in the first quarter of 2021, the National Statistical Institute (NSI) said in a flash estimate on May 18. In real terms, gross domestic product (GDP) in Bulgaria in January-March was 26.44 billion leva, or 13.52 billion euro.

Brussels – The European Commission has upgraded Slovenia’s GDP growth forecast for this year by 0.2 of a percentage point to 4.9%, while downgrading it to 5.1% for 2022, by 0.1 of a point from its previous, winter outlook. Recovery is expected to be driven by domestic demand and by investment, which will fuel demand for imports.

By George Alogoskoufis*

With the Greek economy having been through a period of moderate recovery after 2016 and having shifted its focus toward growth reforms after the 2019 elections, in 2020 it was confronted with a major economic crisis due to the COVID-19 pandemic.

The Greek economy shrank a massive 10 percent in 2020, the European Commission estimates in its winter economic forecasts report published Thursday.

The Greek economy shrank a massive 10 percent in 2020, the European Commission said in its winter economic forecasts report published Thursday.

The Commission even forecasts that this lost ground will not be covered in 2021.

According to the report, Greece will achieve a 3.5 percent rebound in 2021 but predicts that growth will accelerate to 5 percent in 2022.

The eurozone economy contracted less than expected in the fourth quarter of 2020 amid pandemic-induced lockdowns, initial EU estimates showed on Tuesday, but it is heading for another, probably steeper decline in the first quarter of this year.

Economists at Greek banks expect the economy to contract between 10.5% and 15% in the first quarter of this year, with the extent of the recession to be determined by how long retail stores remain open, they say. However, the economy will stage a strong recovery in the latter half of the year, taking the sum of 2021 well into positive territory.

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.

Covid-19 vaccines being developed in combination with ongoing financial stimulus program are key to improving global economic growth, the Organization for Economic Co-operation and Development (OECD) said in its latest Economic Outlook report.