Center for Planning and Economic Research

Progress in the indexes of the outward-looking side of the Greek economy, such as exports and the attraction of foreign direct investments, is recorded in the bulletin of the Reforms Observatory of the Center for Planning and Economic Research (KEPE).

The interest rate hikes by the European Central Bank and the increase in net interest income lead to an excessive accumulation of profits in Greek and European banks and fuel the inflation of banking greed ("bankflation"), warns the Center for Planning and Economic Research (KEPE).

Labor productivity in Greece remains low compared to Europe, according to the annual report of the Hellenic Productivity Council highlighting a permanent weakness of the Greek economy.

The process for setting the minimum wage in 2023 is to be accelerated and brought forward so that the new basic wage can come into effect on April 1, in line with a pledge made by Prime Minister Kyriakos Mitsotakis under a new Labor and Social Affairs Ministry amendment announced on Friday.

Economists at Greek banks expect the economy to contract between 10.5% and 15% in the first quarter of this year, with the extent of the recession to be determined by how long retail stores remain open, they say. However, the economy will stage a strong recovery in the latter half of the year, taking the sum of 2021 well into positive territory.

The recession caused by the Covid-19 pandemic will lead to an increase in bad loans through the rise in unemployment, according to the Center for Planning and Economic Research (KEPE).

Official employment of non-Greeks in Greece has been in decline in recent years, contributing to a wave of departures by foreign nationals from the crisis-hit eurozone country and compelling many to seek work off the books, recent research by an Athens-based think-tank has shown.

By Dimitra Manifava

Investments amounting to 37.6 billion euros have come to Greece since the change of government in June 2012, Development Minister Costis Hatzidakis announced on Wednesday, citing a survey by the Center for Planning and Economic Research (KEPE).