Bank of Greece insists on 4.2% growth forecast for this year

Α Decrease font Enlarge font
Bank of Greece insists on 4.2% growth forecast for this yearBoth the government and the European Commission anticipate an economic recovery of 3.5% for this year

The Bank of Greece is standing by its forecast for an economic rebound of 4.2% this year, as Governor Yannis Stournaras is expected to announce on Tuesday, according to sources, at the presentation of his report at the central bank’s general meeting. For 2022, the BoG expects a 4.8% acceleration.

The central bank’s projection is among the most optimistic expressed to date. It relies on the better-than-expected results of the last quarter of 2020, along with the progress of the vaccination program.

According to the BoG, the recovery will begin from this quarter. However, Stournaras will also point out that the uncertainties remain considerable; he will refer to risks such as the new virus strains, the delays in the vaccine rollout, and the difficulty in carrying out checks, which have allowed the pandemic to continue for longer than it would have otherwise.

Both the government and the European Commission anticipate an economic recovery of 3.5% for this year. Parliament’s State Budget Office is more pessimistic, putting the rebound at only 2.7%, while there is also a more optimistic view, by National Bank, for a 4.7% recovery.

Sources say that Stournaras will also express his concern about the state of the economy after the pandemic when the support measures will have stopped. That is when it will emerge by how much bad loans will have increased, which sectors and enterprises will be able to stand on their own feet, and what the budget’s fundamentals will look like.

According to the central bank governor’s analysis, the pandemic will leave in its wake major problems for the global economy, leading to conditions of poverty and social inequality. 

The report will further give Stournaras the opportunity to reiterate his positions in favor of the joint financial support of the European economies, with the strengthening of the flow of resources to that end, just as he had recently argued in an interview with German daily Handelsblatt.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinationsGreek travel marketGreek tourism statisticsGreek tourism report

Photo Source: Wikimedia Commons License: CC-BY-SA Copyright: Dimboukas

Tornos
  1. 10/05 23:18

    Reopening of sports facilities moves forward with joint ministerial decision in Greece

  2. 10/05 23:18

    Greek government to end SMS system for circulating outside home on May 14

  3. 10/05 23:06

    Greek Minister visiting Moscow on May 10-12 for talks with civil protection officials

  4. 10/05 22:54

    Media: Greece opens door to tourists with COVID-free green pass

  5. 10/05 22:44

    GlobalData: Demand for long-haul travel greater than expected despite restrictions

  6. 10/05 22:24

    Cyprus kicks off tourist season with Coronapass required

  7. 10/05 22:14

    Ambassador to Athens: US President committed to raising Greece-US relations 'to next level'

  8. 10/05 21:32

    Vaccination rates improving in Greece but "too early to speak of vaccinating children"

  9. 10/05 20:50

    EU Vice President: Greece should expect first recovery funds this summer

  10. 09/05 13:52

    Ambassador Pyatt from Alexandroupolis: US strategically committed to northern Greece

  11. 09/05 13:45

    Domestic aviation demand records spike in March

  12. 09/05 13:31

    Europe Day 2021 commemorated on the Athens Acropolis with raising of Greek and EU flags

  13. 09/05 13:28

    Descendants of Constantinopolitan Greeks on returning to the historic city

  14. 09/05 11:22

    Greek FinMin: €3 billion economic support measures in next few months

  15. 09/05 09:41

    Kara Tepe migrant facility closes down, key part of decongesting Greek islands

  16. 08/05 22:04

    UNWTO joins touirsm ministers in America to relaunch sector in the region

  17. 08/05 21:07

    Online citizen services, except vaccinations, paused in Greece until noon on Sunday

  18. 08/05 20:58

    A taste of the Greek island of Ikaria lands outside Sydney's Bondi Beach

  19. 08/05 20:44

    History lectures organized by the Jewish Community of Athens on May 9

  20. 08/05 19:55

    Greece records 2,461 new Covid-19 infections and 68 deaths on Saturday

  21. 08/05 18:31

    Greek PM calls for swift implementation of the so-called 'green' vaccination certificate

  22. 08/05 17:11

    4.5 million inoculations to be carried out in Greece as of Saturday through July

  23. 08/05 14:02

    Outdoor sports, gyms and spas to reopen mid-May for vaccinated citizens in Greece

  24. 07/05 23:37

    Greece records 2,691 new Covid-19 cases and 63 fatalities on Friday

  25. 07/05 23:26

    AP: TripAdvisor removes insensitive review of Auschwitz Museum

  26. 07/05 23:20

    Tourism Minister announces three new flights from Poland to Greece

  27. 07/05 23:09

    Cyprus to scrap text OK's and replace them with "Coronapass" for moving around

  28. 07/05 22:51

    Greece plans to beat back COVID-19 pandemic by ramping-up vaccination program

  29. 07/05 22:39

    Museums reopen in Greece on May 14 and summer cinemas a week later

  30. 07/05 22:26

    IATA: Rise in Spanish airport charges will damage economic recovery and jobs

  31. 07/05 22:22

    Greek PM: Creating new jobs means attracting more investments to Greece

  32. 07/05 13:59

    Mid-season sales to last from May 5 to May 15 in Greece

  33. 07/05 13:35

    Australian COVID-19 travel restrictions on passengers from India challenged in court

  34. 06/05 23:56

    New platform reducing visits to banks, speeding transactions presented to Greek PM

  35. 06/05 23:49

    Embassy of Greece & SHIN-DC present ‘Cosmopolitan Journeys through Greek Music’

  36. 06/05 23:08

    Cyprus Hoteliers content with opening of hotels for Cypriots as of May 10

  37. 06/05 20:22

    Inclusive Greece: Accessibility certification and labelling in tourism

  38. 06/05 20:22

    New UNWTO report shows value of intellectual property to tourism

  39. 06/05 19:38

    Photovoltaics ready to be installed on Mt Athos monastic community in Greece

  40. 06/05 18:36

    Greece and Bahrain to recognize each other's Covid-19 vaccination certificates

  41. 06/05 17:34

    Greece records 3,421 new Covid-19 cases and 83 deaths on Thursday

  42. 06/05 16:56

    Kifissia Flower Show opens in Athens suburb with strict pandemic precautions

  43. 06/05 16:11

    AP: Cypriots will need tests or inoculation to dine out and worship

  44. 06/05 14:17

    Cyprus opens to safe tourists on May 10

  45. 06/05 14:00

    The San Francisco Greek Film Festival wraps and announces awards and events

  46. 06/05 13:45

    United States Tour Operators Association: Greece in top-3 destinations for Americans

  47. 06/05 11:22

    Greek schools ready to reopen on May 10 with mandatory COVID-19 self-tests

  48. 06/05 09:06

    UNWTO, IE UNIVERSITY, SOMMET EDUCATION promote jointly online education

  49. 06/05 00:31

    International Air Transport Association hails G20 push to restart tourism sector

  50. 06/05 00:26

    Elementary schools to reopen on Monday with mandatory self tests in Greece

  51. 06/05 00:10

    G20 praise UNWTO recommendations for tourism's ‘green transformation’

  52. 05/05 23:42

    Global air cargo demand reaches all time high in March

  53. 05/05 23:32

    Greece records 2,093 new COVID-19 cases and 96 deaths on Wednesday

  54. 05/05 23:22

    Greece starts opening while Kalymnos island stays locked down over COVID-19

  55. 05/05 22:25

    Health Minister: Greece aims at vaccinating entire adult population by July

  56. 05/05 22:01

    Fee-based beaches, prep centers and courts to reopen in Greece on May 8-10

  57. 05/05 20:35

    Greeks expect to swing country back to near-normal life during May

  58. 05/05 18:53

    Philo4Thought 2021 Spring Symposium on Leadership & Society held on May 15

  59. 05/05 18:42

    Finance Ministry hails historic low cost in five-year Greek bond issue

  60. 05/05 16:11

    German supermodel Heidi Klum have a smashing time at a Greek party

  61. 05/05 13:52

    Syria’s Greek Orthodox community marked Easter in war-torn country

  62. 05/05 10:38

    Free self-tests for primary and secondary education available in Greece as of May 5

  63. 05/05 00:17

    IATA: High testing costs could stall the recovery of the aviation sector

  64. 04/05 23:39

    Germany shows the way for stolen Parthenon sculptures to return to Greece

  65. 04/05 16:21

    Media report: Optimism returns to Greek tourism

  66. 04/05 16:17

    Cyprus faces first heatwave of the year

  67. 04/05 16:14

    Greece records 2,146 COVID-19 cases and 134 deaths during the last 48 hours

  68. 04/05 16:09

    Michelin-starred British chef Gordon Ramsey spotted in Crete

  69. 04/05 14:01

    Tourism Minister Theocharis in Berlin to promote Greece

  70. 04/05 13:57

    AEGEAN and Olympic announce flight cancellations and reschedules on May 6

  71. 04/05 10:28

    Greece speeds up vaccination campaign

  72. 03/05 19:53

    Strikes in public means of transport in Greece May 4 and 6

  73. 03/05 17:47

    EU Commission proposes to lift Covid-19 restrictions for vaccinated travelers

  74. 03/05 15:24

    President of Republic sends message on opening of restaurants and cafes in Greece

  75. 03/05 14:17

    Greek museums reinvented their contact with the public during the pandemic

  76. 03/05 14:04

    Greek President visits islands of Limnos and Ai-Stratis on Orthodox Easter

  77. 03/05 14:00

    New categorization of countries by Cyprus goes into effect as of May 6th

  78. 03/05 13:49

    Greece first in line to give COVID-19 Green Passports to tourists despite EU quibbling

  79. 03/05 13:46

    Restaurants and bars have reopened in Greece

  80. 03/05 10:11

    Greece plans public shared bicycle program along with electric rides too

  81. 02/05 18:56

    Prime Minister's message following Resurrection services held in Greece (video)

  82. 02/05 14:25

    Online platform for vaccination of citizens aged 45-49 opens in Greece

  83. 02/05 14:22

    Director David Cronenberg to film next movie in Greece with Viggo Mortensen

  84. 01/05 12:56

    Greece records 2,155 new cases and 66 fatalities from Covid on Good Friday

  85. 01/05 12:53

    PM visits Rafina Health Centre and notes high vaccination turnout in 30-39 group

  86. 01/05 12:48

    In Atlanta, Greek Tourism Minister invites Americans to come again

  87. 01/05 12:45

    Restaurants, cafes and bars to reopen in Greece on May 3 but with restrictions

  88. 01/05 12:38

    Media: Archaeologists criticize tourist-friendly Athens Acropolis scheme

  89. 01/05 12:26

    Taste Greek tsoureki for Easter

  90. 01/05 11:33

    Greek President attends memorial service for victims of Covid-19 pandemic

  91. 01/05 09:22

    Greece sending pandemic aid to India through EU civil protection mechanism

  92. 30/04 13:21

    Modified schedules for Athens transport from Good Friday to Easter Monday

  93. 30/04 13:06

    President of Hellenic Republic visits hostel for abused women in Athens

  94. 30/04 11:57

    Cyprus Residential Property Price Index drops for second consecutive quarter

  95. 30/04 10:54

    Ferries to remain docked in Greece on Thursday May 6 due to strike

  96. 30/04 09:14

    Greek Environment Ministry approves amended EIA for Kassandra goldmines

  97. 29/04 20:21

    Cyprus revenue from tourism decreases by 92.3% annually in February 2021

  98. 29/04 20:14

    Greek anti-masker sentenced to 40 days in jail while other violators abound

  99. 29/04 19:59

    Aviation and travel applaud EU parliament vote on “EU COVID-19 Certificates”

  100. 29/04 19:55

    Greek Minister: 30-44 age group rushing to get vaccinated