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

February 7, 2017

Preview Citation

Format: Chicago

Greece: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece, (USA: International Monetary Fund, 2017) accessed November 21, 2024

Summary

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.

Subject: Banking, Expenditure, Financial institutions, Fiscal policy, Income and capital gains taxes, Labor, Nonperforming loans, Pension spending, Tax administration core functions, Taxes, Wages

Keywords: Adjustment program, CR, ESM financing, Evaluation, Global, Government cash management framework, IMF quota, IMF staff projection, Income and capital gains taxes, ISCR, Liability positions vis-à-vis nonresident, Nonperforming loans, Pension spending, Post evaluation, Short-term debt relief measure, Surplus, Wages

Publication Details

Pages:

92
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/040
Stock No:

1GRCEA2017001
ISBN:

9781475575736
ISSN:

1934-7685

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