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Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 145520689X
Category : Business & Economics
Languages : en
Pages : 146
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Book Description
The Greek economy is teetering owing to heavy public debt and loss of market access. Greece is adopting an ambitious comprehensive multiyear adjustment program to lower the fiscal deficit and the debt ratio, reduce domestic demand in line with capacity, and increase supply and competitiveness so that the economy can step onto a higher growth path led by investments and exports. Greece needs a strong and sustained adjustment program to lower the fiscal deficit substantially and create the basis for a declining debt ratio.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 145520689X
Category : Business & Economics
Languages : en
Pages : 146
Get Book Here
Book Description
The Greek economy is teetering owing to heavy public debt and loss of market access. Greece is adopting an ambitious comprehensive multiyear adjustment program to lower the fiscal deficit and the debt ratio, reduce domestic demand in line with capacity, and increase supply and competitiveness so that the economy can step onto a higher growth path led by investments and exports. Greece needs a strong and sustained adjustment program to lower the fiscal deficit substantially and create the basis for a declining debt ratio.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451816324
Category : Business & Economics
Languages : en
Pages : 59
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Book Description
This 2009 Article IV Consultation highlights that despite initial resilience partly explained by high wage growth and accelerated government spending in Greece, growth slowed substantially in early 2009. The main driving forces were lower investment and exports, destocking, and a decline in private consumption. Executive Directors have welcomed the extended period of strong growth through 2008, which had significantly narrowed the gap in real per-capita income with the EU-15. Directors have also emphasized the need to implement a comprehensive plan for fiscal consolidation and structural reform.
Author:
Publisher:
ISBN:
Category : Finance, Public
Languages : en
Pages : 64
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Book Description
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451816219
Category : Business & Economics
Languages : en
Pages : 53
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Book Description
The staff report for the 2004 Article IV Consultation on Greece focuses on economic developments and policies. Rising incomes and a falling, though still high, unemployment rate underpinned strong household consumption, while increased profitability spurred investment spending, especially construction. Inflation has been above the euro area average, eroding international competitiveness and export market shares. Regarding structural policy, the authorities recognized that Greece still lags significantly behind the European Union in real per capita income despite the economic boom.
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1513520261
Category : Business & Economics
Languages : en
Pages : 60
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Book Description
This Selected Issues paper explores the links between wage policies, non-wage cost developments, and competitiveness. A series of program-era policies helped to partially reverse this trend, including labor market policies that cushioned the effect of the crisis on employment and brought unit labor costs broadly in line with trading partners. However, the resulting more competitive wage structure only partly translated into price adjustments due to product market rigidities (with firms retaining some profit margin) and rising non-wage cost factors (e.g., taxes and financing costs). This incomplete internal devaluation and subsequent low productivity gains reinforce the view that Greece has further to go to address its external imbalances. However, labor policy reversals following program exit in August 2018 threaten this objective. The paper shows that Greece must preserve its labor cost competitiveness while increasing efforts to facilitate price adjustment in product markets and reduce non-wage costs.
Author: International Monetary
Publisher: International Monetary Fund
ISBN: 1513587234
Category : Business & Economics
Languages : en
Pages : 72
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Book Description
Ireland entered the COVID pandemic with reduced vulnerabilities and high growth, especially in multinational enterprises (MNEs)-dominated sectors. The pandemic has had a highly asymmetric impact on the economy. The domestic sectors contracted by about 10 percent in 2020 and unemployment reached 30 percent at the peak of the first wave, while MNEs continued to grow strongly, driving overall GDP growth to 3.4 percent. A swift policy response has been effective in mitigating the crisis impact and protecting households and firms. The domestic sectors are expected to partially recover in 2021, with GDP growth projected at 4.6 percent. Downside risks stem from uncertainties surrounding new COVID variants, post-Brexit trade arrangements, and likely changes in international taxation.
Author: Mr.Giovanni Dell'Ariccia
Publisher: International Monetary Fund
ISBN: 1484359623
Category : Business & Economics
Languages : en
Pages : 54
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Book Description
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Author: International Monetary
Publisher: International Monetary Fund
ISBN: 1513587838
Category : Business & Economics
Languages : en
Pages : 94
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Book Description
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.
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Publisher:
ISBN:
Category : Economic assistance
Languages : en
Pages : 236
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Book Description
Recoge: 1. Introduction - 2. Macroeconomic and financial developments - 3. Programme implementation - 4. Debt sustainability analysis and programme financing.
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498302580
Category : Business & Economics
Languages : en
Pages : 63
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Book Description
This paper discusses Greece’s First Post-Program Monitoring discussions. The economic recovery in Greece is accelerating and broadening. Growth and job creation in Greece are expected to accelerate further in 2019. However, vulnerabilities remain significant and downside risks are rising. Policies to promote stronger growth and strengthen the economy’s resilience were the focus of the discussions. The discussion report emphasises on the importance of enhancing labor market flexibility and boosting productivity and competitiveness. Greece should reconsider recent changes in collective bargaining policies and press ahead with its unfinished reform agenda. This would also help mitigate any negative effects on competitiveness and employment from rising wage pressures. Speeding up efforts to clean up bank balance sheets, restore lending, and improve Greece’s weak payment culture is also of prime importance. Medium-term public debt repayment capacity remains robust, but subject to rising risks amid still significant vulnerabilities.
