Greece to return to growth in H2 2016, Commission report says

The Greek economy will return to growth in the second half of 2016, according to European Commission’s spring report released on Tuesday. In its report for Greece, the European Commission noted that the Greek economy showed remarkable durability in 2015.

According to the report, growth is expected in H2 2016 and to further improve in 2017 due to the restoration of the trust and the restructuring reforms. It also noted that the fiscal gap is expected to further decline after the improved fiscal figures of 2015 and the completion of the 5.4 billion euros fiscal package.

Referring to the unemployment the Commission’s report said that it will continue to drop throughout the forecast period. However, the Commission underlined that the insecurity is still high and that the expected recovery of the Greek economy is closely linked with the on time completion of the first review and the positive reaction of the financial markets.