Greece: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece
IMF Staff Country Reports, February 7, 2017
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- Greece: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece
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Bibliographic details
- Published: February 7, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475575736.002
Key findings
- Greece has made significant progress in unwinding its macroeconomic imbalances since the onset of its financial crisis.
- Extensive fiscal consolidation and internal devaluation have come at a high cost to society, reflected in declining incomes and exceptionally high unemployment.
- Downside risks to the macroeconomic and fiscal outlook remain significant.
Projections and baseline outlook
- 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.
- The primary fiscal surplus is projected to come in at about 1.5 percent of GDP.
Policy implications and conditionality
- Continued, full, and timely implementation of the authorities’ adjustment program is central to realizing projected growth acceleration and fiscal outcomes.
- Addressing social costs associated with fiscal consolidation and internal devaluation remains a policy priority given declining incomes and exceptionally high unemployment.
Thematic coverage
- Banking
- Expenditure
- Financial institutions
- Fiscal policy
- Income and capital gains taxes
- Labor
- Nonperforming loans
- Pension spending
- Tax administration core functions
- Taxes
- Wages
International Monetary Fund: Greece: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece (February 7, 2017).
Content in this bundle
- Country Report