IOBE ex­pects re­ces­sion at 1 pct this year

Kathimerini English - - Front Page - SOTIRIS NIKAS

Greece will suf­fer a con­trac­tion of 1 per­cent of its gross do­mes­tic prod­uct, a re­port by the Foun­da­tion for Eco­nomic and In­dus­trial Re­search (IOBE) warned yes­ter­day, stress­ing that the coun­try can­not waste any more time and that it must take all nec­es­sary ac­tion to bol­ster in­vest­ment.

That fore­cast com­pares with the pro­jec­tion for a 0.6 per­cent con­trac­tion by the gov­ern­ment and - 0.3 per­cent by the Euro­pean Com­mis­sion.

“The econ­omy is at a cru­cial point and de­vel­op­ments in Europe have com­pressed time con­sid­er­ably. There is no mar­gin for de­lays. It’s time for de­ci­sions,” said Nikos Vet­tas, the gen­eral di­rec­tor of IOBE, at the re­port’s pre­sen­ta­tion.

IOBE chair­man Takis Athana­sopou­los said that the sec­ond quar­ter of this year will go down in his­tory as a very sig­nif­i­cant pe­riod. Most im­por­tantly, he added, “all of us, the gov­ern­ment, the op­po­si­tion, work­ers, cor­po­rate of­fi­cials and en­trepreneurs, are speak­ing about the need for in­vest­ments that will cre­ate jobs, and gen­er­ally about the growth of en­trepreneur­ship. It is up to us how rapidly and ef­fi­ciently we can make the most of those ad­van­tages.”

Vet­tas stressed that “un­less the Greek econ­omy re­verts im­me­di­ately to growth, we fear there will be a neg­a­tive im­pact on the pro­duc­tive en­ter­prises of the coun­try, as there is sim­ply no more space for them.”

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