Greece needs political consensus for steady growth, says central bank

Greece’s central bank slightly raised its forecast for economic growth this year to 0.7 percent and predicted growth of 2.5 percent in 2015, but warned political consensus was needed to ensure a return to steady growth.

“The immediate elimination of uncertainty on the domestic front and the commitment to advancing reforms are prerequisites for strengthening both economic growth and employment and for the country’s definitive exit from the crisis,” the Bank of Greece said in its interim monetary policy report.

The bank had previously predicted 0.5 percent growth for this year.

It also said Greece still needs the support of a reliable precautionary credit line from its European partners until it can cover its funding needs from markets after its bailout program ends.