Greece Sees End of Recession in 2014

Greek lawmakers have passed the 2014 budget, which predicts a return to growth after six straight years of painful recession.

“This is the first decisive step in exiting the bailout,” Prime Minister Antonis Samaras said.

Greece’s economy has shrunk by nearly one-third since 2007. The budget predicts it will contract less than expected in 2013.

But the OECD says the Greek economy will shrink for another year in 2014.

Greece’s 2014 budget forecasts 0.6% growth in 2014.

Mr Samaras said his government had exceeded four of five major targets it had set for 2013 – failing to bring down unemployment, which is around 27%.

The OECD group of developed economies forecasts a 0.4% contraction next year and says Greece’s debt would not fall below 160% of GDP before 2020.

via BBC

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