BoG sees zero growth in 2020

The Bank of Greece's baseline scenario for 2020 is zero growth, compared with its previous estimate for 2.4 percent, according to a report released by Governor Yannis Stournaras on Friday.

It estimates that the coronavirus will also hurt the state budget, reducing the primary surplus "by several percentage points of gross domestic product from the original target for 3.5 percent, although at the moment it is exceptionally difficult to make any precise forecast."

Stournaras' report, presented on Friday at the central bank's general meeting, is dominated by the economic effects of the Covid-19 pandemic. However, he gave a prospect of hope by giving his report the title "From the Crisis to the Pandemic and to Growth."

The former finance minister said that "the growth rate of the economy is expected to slow considerably in 2020, given the effects of the expansion...

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