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August 13, 2020

Brussels Says Greece’s Growth in 2020 Will be Well Above EU Average


The European Commission published its Winter 2020 Economic Forecast on Thursday, showing Brussels’ projections regarding growth rates for nations in the European Union for both 2020 and 2021.

The European Executive body noted in the report that ”The euro area has now enjoyed its longest period of sustained growth since the euro was introduced in 1999.”

In regard to Greece, European Commissioner for Economy Paolo Gentiloni sent some very positive reinforcement, saying that the Greek economy is well on track.

The Brussels forecast estimates that the average economic growth throughout the Union in 2020 will be 1.4 percent, with Greece’s growth rate projected to be well above that, but not as high as the 2.8 percent that the Greek government has pegged.

The country is expected to grow its economy by an impressive 2.4 percent, while the Cypriot economy will grow by 2.8 percent.

The highest growth rate for 2020 is projected to be seen in Malta, at 4 percent, while the most sluggish will occur in Italy, which is expected to have only 0.3 percent estimated growth.

Despite a challenging environment, the European economy remains on a steady path, with continued job creation and wage growth.

Euro area has now enjoyed its longest period of sustained growth since the euro was introduced in 1999.

More on #ECForecast → https://t.co/6YKCQ5R3uW pic.twitter.com/bujgYBMdoh

— European Commission 🇪🇺 (@EU_Commission) February 13, 2020

Gentiloni made the statement during the presentation of the Winter 2020 Interim Economic Forecast for the European Union economy.

Asked how he would describe the situation of the Greek economy after his recent visit to Athens, the European Economic Commissioner said that the Greek economy had suffered a great deal and conditions had indeed been difficult for many years, but now ”it is well on track.”

Growth forecast for 2020 (%):





























Winter #ECForecast ↓https://t.co/6YKCQ5R3uW

— European Commission 🇪🇺 (@EU_Commission) February 13, 2020

Gentiloni underscored that there was now a positive climate there and that the country had made a positive impression on officials during all his meetings.

He explained that this does not mean that all Greece’s problems have been solved but that the results are positive, and the impact on financial markets is already clear.

Gentiloni said he believes that the EU mission’s last visit to Greece will end with a positive report, which will clear the way in June so the Eurogroup can make a positive decision on Greece’s likely use of the profits from European national central banks on Greek bonds tied to investment projects.

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