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We expect Greece to grow at 2,7% pace in 2017

26 February 16 | Pierre Moscovici
Pierre Moscovici

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IBI Group

Consultant - GREECE

ETAD.A.E.

Public entity - GREECE

Solum Property Solutions

Consultant - GREECE

Savills

Consultant - GREECE

PEOPLE

Antulio Richetta

Director IBI Group
The European Commission forecasts that the Greek economy will return to growth in the second half of the year and will grow by 2.7 pct in 2017 on the condition that the country implements vital reforms agreed in a bailout programme, Pierre Moscovici, EU Commissioner for Economic Affairs, said in a message sent to the Delphi Economic Forum on Friday.

 

In his message, Moscovici said that the implementation of the reforms would lay the groundwork for a return of confidence, allowing an expected lifting of capital controls in the country.

Referring to the course of implementing the economic adjustment programme, the Commissioner stressed that the steps been made since August “are encouraging and now we can turn our attention to completing the first review of the programme, which must be completed soon to restore confidence.

Greece must promote certainty – political, legal, administrative. Because uncertainty gives birth to more uncertainty.”

He acknowledged that the work done is intensive, but said that more needed to be done. “We will continue helping authorities to achieve progress. My team is in Athens since mid-January, along with our partners. I am in a position to certify that the general climate of discussions was positive.

And I welcome the commitment for a swift completion of a review expressed by the authorities. A successful completion will show that Greece actively seeks its own stabilisation. And allow us to enter the next crucial chapter of discussions, of possible measures on Greek debt,” he said.

He also referred to existing and future challenges facing the Greek economy and stressed that the existing ESM programme was designed to deal with the biggest economic challenges.

“Its targets are restoring sustainable growth, creating job positions, reducing imbalances and dealing with the risks of financial instability. The programme also gives great attention to social justice and cohesion issues and protecting the most vulnerable parts of the society.

Greece must safeguard that higher incomes do not receive benefits, unless lower incomes can live above poverty levels. Everyone must pay taxes, not only those who have no other choice,” Moscovici said and stressed:

“The success and economic stability and growth of Greece depend on the implementation of the programme, which presents several challenges. These reforms are difficult for any country. Especially after a prolonged economic recession.

But this offers another reason why these crucial reforms must be done now. The cost and the challenges will be greater in the future. I believe that a wide political consensus would raise the possibility of success and reduce uncertainty. This is the important lesson needed to be taken from other countries,” the Commissioner said.

Moscovici added that Greece could benefit from funds worth 35 billion euros earmarked by the EU for investments in Greece.

The responsibility for exploiting these funds belongs to Greece. I would encourage the authorities and enterprises to work hard and to lift hurdles towards absorbing these funds to allow them to enter the real economy, he noted.

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