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Yannis Stournaras: Paving the way for growth and financial stability in Greece and Europe
Speech by Mr Yannis Stournaras, Governor of the Bank of Greece, at the 22nd Annual Capital Link Invest in Greece Forum Greece- Looking Ahead With Confidence , 15 December 2020. Central bank speech |
1. Greek economic developments and prospects
The COVID-19 pandemic has halted the recovery of the Greek economy that had begun in 2017. Real GDP contracted by 8.5% y-o-y in January-September 2020, mainly driven by the decline in exports of services and private consumption.
The fiscal and labour market measures taken by the Greek government to support businesses and employment, as well as the unprecedented interventions of European institutions – which include fiscal, monetary, supervisory and structural policies – have reduced the negative impact of the pandemic on economic activity and mitigated its adverse effects on the labour market.