Greece’s recovery is now projected to start later, and the path for medium-term potential output is expected to be lower

Even with the expected gradual return of confidence, further fiscal adjustment in 2015–16 is expected to be a significant drag on the recovery.
Meanwhile, potential output will be affected by delayed structural reforms, lower investment, emigration, and loss of human capital (although lower wages are expected to lead to an increase in the labor intensity of production, and thus bring down unemployment).
Thus, cumulative output growth between 2012 and 2020—when Greece is expected to return to full employment—is now projected to be 5 percent less than projected at program approval. Growth projections beyond 2020 have been kept close to original program projections (and reflect a shrinking population and receding productivity gains from structural reforms).


η σωρευτική ανάπτυξη 2012 - 2020 εκτιμάται πλεόν μειωμένη κατά 5%, όταν μόνο από το 2012 έχουμε διαφορά 1.25% [αντί 4.75% υπολογίζουν 6%, όταν θα βγει 6.75%...]

3% ανάπτυξη το 2015 ????????

εάν το 2013, αντί για 4.25% πάμε στο -5.75% ; τι θα λέμε μετά...

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