Greece to Grow 0.7% This Year Says Think Tank

Greece’s economy should grow 0.7 per cent this year, pulling clear of a six-year recession, but its soaring unemployment rate is likely to drop less than hoped, the country’s leading economic think tank said today.
The IOBE research institute had earlier predicted a small expansion for the year, without setting a forecast. Its GDP growth projection is broadly in line with the European Union and International Monetary Fund estimate of 0.6 percent.
The recession has driven unemployment to record highs and the highest in Europe, leaving nearly three times as many Greeks jobless as in 2008 when the downturn began. IOBE, which had previously expected joblessness to drop to 26 per cent this year, said it now saw the rate easing to an average of 26.7 per cent, citing a wave of public sector layoffs demanded by the country’s creditors. Unemployment was 27.8 per cent in the first quarter.

via Irish Times

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza