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Greece: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece

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  • International Monetary Fund

Abstract

This 2016 Article IV Consultation highlights that Greece has made significant progress in unwinding its macroeconomic imbalances since the onset of its financial crisis. However, extensive fiscal consolidation and internal devaluation have come at a high cost to society, reflected in declining incomes and exceptionally high unemployment. Growth is projected to accelerate in the next few years, conditional on a full and timely implementation of the authorities’ adjustment program. On the basis of Greece’s current policy adjustment program, long-term growth is expected to reach just under 1 percent, and the primary fiscal surplus is projected to come in at about 1.5 percent of GDP. Downside risks to the macroeconomic and fiscal outlook remain significant.

Suggested Citation

  • International Monetary Fund, 2017. "Greece: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece," IMF Staff Country Reports 2017/040, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2017/040
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    Cited by:

    1. Guonan Ma & Jinzhao Chen, 2019. "The Role of Internally Financed Capex in Rising Chinese Corporate Debts," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 61(3), pages 413-442, September.
    2. Lisa D. Cook & Linguère Mously Mbaye & Janet Gerson & Anthony Simpasa, 2021. "Working Paper 358 - The Colonial Origins of Banking Crisis in Africa," Working Paper Series 2484, African Development Bank.
    3. Quintana-Rojo, Consolación & Callejas-Albiñana, Fernando-Evaristo & Tarancón, Miguel-Ángel & del Río, Pablo, 2020. "Assessing the feasibility of deployment policies in wind energy systems. A sensitivity analysis on a multiequational econometric framework," Energy Economics, Elsevier, vol. 86(C).
    4. Thiele, Rainer & Köster, Maximilian & Okoli, Ikechukwu & Rühmann, Friederike, 2018. "African economic development: what role can the G20 Compact play?," IDOS Discussion Papers 3/2018, German Institute of Development and Sustainability (IDOS).
    5. Dimitris Doulos & Odysseus Katsaitis & George Zombanakis, 2020. "Is the emphasis on unit labor costs an effective export-promoting policy? A comparison between Greece and Portugal," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 10(3), pages 393-410, September.

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