Greek economy to slump 4.8-5.0 pct in 2013- IOBE think tank

ATHENS, July 9 Tue Jul 9, 2013 6:12am EDT

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ATHENS, July 9 (Reuters) - Greece's economy is expected to shrink by 4.8 to 5.0 percent this year, the Athens-based IOBE think tank said on Tuesday, forecasting a deeper recession than the country's international lenders.

"The projection on growth must be adjusted downwards - the recession this year will be around 5.0 percent," IOBE said in its quarterly report. IOBE's projection also sees a deeper slump than its previous -4.6 percent forecast.

The European Union and the International Monetary Fund bailing out the country expect the economy to shrink by 4.2 percent in 2013, its sixth straight year of contraction. The Bank of Greece projects a contraction of 4.6 percent.

IOBE projected the country's unemployment rate will rise to 27.8 percent this year, upwardly revising a previous 27.3 percent projection.

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Comments (1)
artly wrote:
Greece needs to be outside the Euro, things are only going to get worse as a member. It is time to bite the bullet and separate from the Euro zone.

Jul 09, 2013 7:01am EDT  --  Report as abuse
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