May 25, 2011
The economy is suffering a serious recession in the context of the sizeable, but vital, fiscal retrenchment. A return to sustained positive growth is projected for 2012 as external demand strengthens, competitiveness improves and the far-reaching structural reforms implemented in response to the fiscal crisis start to take hold. Substantial economic slack and rising unemployment will keep inflation pressures subdued. The outlook is subject to important, mostly downside risks.
Adherence to the fiscal and structural adjustment programme, agreed in May 2010 with the European Union (EU) and the International Monetary Fund (IMF), is indispensible for restoring credibility and market confidence, long-term public debt sustainability and competitiveness. Success depends crucially on rigorous expenditure control and further progress in fighting tax evasion, combined with comprehensive reforms to address chronic rigidities in fiscal management, and in labour and product markets.
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Παρουσίαση στη Ναυτεμπορική
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