Economy to shrink by 7.5-10.5% this year, says think tank


Greece’s economy will contract by 7.5 percent this year under a baseline scenario and at a faster pace of 10.5 percent under an adverse one, due to the impact of Covid-19, the country’s influential think tank IOBE said on Thursday.

In its quarterly report, the Foundation of Economic and Industrial Research (IOBE) also projects that the unemployment rate could rise to 19.3 percent – 20.5 prcent this year.