Uncertainty weighing on 2010 prospects

Shoppers walk past empty stores with ‘For rent’ signs posted in the windows in central Athens. Decreasing investment activity and a drop in consumption is weighing heavily on the Greek economy, which entered recession in the first quarter of the year. The Foundation for Economic and Industrial Research (IOBE) said yesterday that 2010 is shaping up to be another difficult year due to the prevailing uncertainty in the economy. Decisions needed to tackle Greece’s fiscal problems on a local and international level and their impact on the country’s economic activity are feeding uncertainty in the economy with further contraction expected for 2010, think tank IOBE said.