ATHENS, July 9 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