Recessions

The Greek economy shrank a massive 10 percent in 2020, the European Commission said in its winter economic forecasts report published Thursday.

The Commission even forecasts that this lost ground will not be covered in 2021.

According to the report, Greece will achieve a 3.5 percent rebound in 2021 but predicts that growth will accelerate to 5 percent in 2022.

The eurozone economy contracted less than expected in the fourth quarter of 2020 amid pandemic-induced lockdowns, initial EU estimates showed on Tuesday, but it is heading for another, probably steeper decline in the first quarter of this year.

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 9th Thessaloniki International Symposium continues on Monday with its second public debate. The theme is "Global Recession and the Greek Economy."

The event features the head of the Foundation for Economic and Industrial research (IOBE), Nikos Vettas, and the director of the Center for European Policy Studies, Daniel Gros.

Covid-19 vaccines being developed in combination with ongoing financial stimulus program are key to improving global economic growth, the Organization for Economic Co-operation and Development (OECD) said in its latest Economic Outlook report.

The Turkish economy is expected to bounce back to a record 5 percent growth next year after contracting 3.8 percent in 2020, the Work Bank said in the latest issue of Global Economic Prospects report.
"The economy is expected to return to growth in 2021, on the back of gradual improvement in domestic demand," the bank said on June 8.

London (CNN) - Is the damage caused by the lockdown worse than the virus itself? That's a question raised by some world leaders and commentators who claim that economic and social hardship caused by strict coronavirus restrictions places a heavier burden on society than the death rate caused by the disease.

The Greek housing market has doubtlessly slowed down this year, with the sale price growth rate declining for six consecutive months. Based on data from the first quarter of 2020, the slowdown marks are clear, as most areas observed a lower pace of price growth compared to the fourth quarter of last year.

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.