ECONOMY

Farmers want lower taxes, IOBE warns against stumbling reforms

farmers-want-lower-taxes-iobe-warns-against-stumbling-reforms

As Greek farmers protested the government’s new tax measures outside the Ministry for Macedonia and Thrace in the northern port city of Thessaloniki on Thursday, the Foundation for Economic and Industrial Research (IOBE) issued a revised forecast for the course of the economy this year.

IOBE took its contraction estimate down to 1.5 or 2 percent of gross domestic product, from 2.3 percent.

However, it estimates that GDP will shrink at the same or an even greater rate next year due to concerns that the reforms are not being applied as called for by the bailout program.