ECONOMY

Greek unemployment rate to reach 34 pct by 2016, study finds

Greece’s unemployment rate will rise to 34 percent by 2016 according to a study by GSEE’s Labor Institute published Thursday.

According to the same report, about 1 million jobs have been lost in Greece since October 2008.

Meanwhile, the 27.4 percent jobless rate posted in March by the Hellenic Statistical Authority (ELSTAT) was the highest percentage to be recorded by a western country in the past 30 years, the study found.

The institute on Thursday warned that a decision by the Greek government and the troika of foreign lenders to continue with the current policy mix will have “devastating consequences” for the country’s GDP and employment in the coming years.