Recessions

Policy makers across the world are moving quickly to provide financial support to their economies, which are, in all likelihood, in deep recession. Given the unprecedented economic uncertainty associated with Covid-19, the depth and breadth of the downturn is hard to quantify. However, the global economic recession is unlikely to be short-lived.

House prices last year rose at the highest rate recorded since 2006, according to Bank of Greece data released on Wednesday, in a clear indication of the recovery of both the market and the economy in general.

Investment management giant Pimco identifies seven major macro themes for the global economy in 2020, and projects the slowdown in the eurozone to continue at the same time as Greece expects to start a period of robust growth. While the prospect of a global recession has eased for now, when it does come it may be more difficult to tackle, Pimco argues in a report shared with Kathimerini.

The first signs that the Greek property boom may have peaked have started to emerge, mainly in areas where rates have soared over the last 18 months.

For now property ad website Spitogatos is reporting a slowdown in price growth, but property market professionals say it is likely the pace of price expansion will gradually stabilize, depending on conditions.

In the latest issue of The Economic Mirror publication, IMAD says that the year-on-year growth of Slovenia's GDP in the first nine months of 2019 was 2.7%, which is a significant slowdown compared to 2018, while close to its autumn projection for the whole year (2.8%).

Trade wars around the world have a strong negative impact on global economic growth. The International Monetary Fund has warned about this.

The Executive Director of the Fund Kristalina Georgieva commented that global losses could total $ 700 billion by 2020, or about 0.8% of GDP. For comparison, this is the approximate annual GDP of Switzerland.

There was a 0.1% decline in GDP in the second quarter of this year.

The German economy will enter a recession in the third quarter due to the "sharp" decline in industrial production due to tensions in international markets, Bundesbank warned.

The German economy shrank by 0.1 percent in the second quarter from the previous quarter as global trade conflicts and troubles in the auto industry weighed on Europe's largest economy.

The prices of prime office space in Greece rose 7 percent last year compared to 2017 as the country's economic recovery gained pace, the central bank said on Thursday, with the increase most pronounced in Athens.

The government received on Thursday another warning about the risk that growth rates may fail to rise above the current low level, with investments remaining at half the amount of those in other European countries and the unemployment rate refusing to budge below 15 percent.