Greece: 2021 Article IV Consultation-Press Release; and Staff Report

Download or read book Greece: 2021 Article IV Consultation-Press Release; and Staff Report written by International Monetary and published by International Monetary Fund. This book was released on 2021-07-16 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Greece entered the pandemic with an unfinished recovery, but the country has demonstrated resilience in facing COVID-19. The economy contracted by 8.2 percent in 2020, better than expected given Greece’s high dependence on tourism and pre-existing vulnerabilities. The government provided among the largest on-budget fiscal stimuli in the euro zone and supervisory and ECB accommodation shielded the banking sector and kept financing conditions highly accommodative. Despite the pandemic, reforms progressed in a number of areas, albeit at a slower pace than in recent years.