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2010 brings economic growth on a global scale but Greece remains in recession

20 November 2009 / 10:11:37  GRReporter
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The Organization for Economic Co-operation and Development (OECD) reported a research according to which Greek economy will improve at a later stage. Greece will remain in recession throughout 2010, while other European countries will report economic growth. According to experts the economic crisis in Greece will worsen during next year. It is expected that throughout the next two years unemployment will reach 10.4% when right now it is 9.3%. The economic growth will be negative: -1.1% for 2009 and about -0.7% for 2010.

“We are witnessing constant drop in the competitive level on the Greek market, which is due to the difference in inflation indexes in comparison to other EU countries. This will really hamper the recovery of local economy,” said OECD representatives. According to the organization, it is extremely important for Greece to immediately introduce structural changes in the finance sector, healthcare and social security. The PASOK government needs to undertake serious reforms in the labor market and apply effective measures against corruption and tax evasion.

The Organization for Economic Co-operation and Development announced that on a global scale 2010 will bring economic growth, which will mainly be due to the fast economic development of China. It is expected that the US economy will overcome the crash of 2008 and will increase the GDP with about 2.5% for 2010 and with another 1.7% in 2011. For the Euro-zone those indexes will be lower and will correspond to 0.9% of the GDP for 2010 and 2% of the GDP for 2011. 

Tags: Greek economy Budget deficit in Greece Economy news Social security in Greece
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