Greece: 2009 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Greece
August 6, 2009
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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.
Subject: Banking, Expenditure, Fiscal consolidation, Fiscal policy, Fiscal stance, Income, Labor, National accounts, Public debt, Wages
Keywords: bank assistance package, CR, deficit, Europe, Fiscal stance, Global, Income, ISCR, one-off revenue measure, package, revenue shortfall, staff deficit projection, staff headline deficit, Wages
Pages:
59
Volume:
2009
DOI:
Issue:
244
Series:
Country Report No. 2009/244
Stock No:
1GRCEA2009002
ISBN:
9781451816327
ISSN:
1934-7685
