BUSINESS

Brussels revises Greek recession forecast to 9%

TAGS: Finance

The European Commission has adjusted its estimate about this year’s economic contraction in Greece, as in its summer forecasts published on Tuesday it now points to a 9% drop throughout 2020, against a forecasted 9.7% decline in the spring.

It has also adjusted its recovery projection for the country in 2021, which it eased to 6%, against an original estimate for 7.9%.

Greece is only one of six European Union countries for which the Commission’s estimates for this year are improved compared to its previous projections in May, although Brussels stresses the uncertainty in the economy due to the pandemic.

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