ECONOMY

Greek economy shrank 10 pct in 2020, EU report shows

greek-economy-shrank-10-pct-in-2020-eu-report-shows

The Greek economy shrank a massive 10 percent in 2020, the European Commission said in its winter economic forecasts report published Thursday.

The Commission even forecasts that this lost ground will not be covered in 2021.

According to the report, Greece will achieve a 3.5 percent rebound in 2021 but predicts that growth will accelerate to 5 percent in 2022.

In its the autumn estimates of November, the Commission saw a slightly milder recession, with Greek GDP falling by 9 percent, while its picture for 2021 and 2022 was for growth of 5 percent and 3.5 percent respectively.