{
  "title": "Greece: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece",
  "publication": "IMF Staff Country Reports, February 7, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/02/07/greece-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44630",
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  "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.",
  "publishDate": "2017-02-07",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Greece has made significant progress in unwinding its macroeconomic imbalances since the onset of its financial crisis.\n- Extensive fiscal consolidation and internal devaluation have come at a high cost to society, reflected in declining incomes and exceptionally high unemployment.\n- Downside risks to the macroeconomic and fiscal outlook remain significant."
    },
    {
      "heading": "Projections and baseline outlook",
      "content": "- Growth is projected to accelerate in the next few years, conditional on a full and timely implementation of the authorities’ adjustment program.\n- On the basis of Greece’s current policy adjustment program:\n  - Long-term growth is expected to reach just under 1 percent.\n  - The primary fiscal surplus is projected to come in at about 1.5 percent of GDP."
    },
    {
      "heading": "Policy implications and conditionality",
      "content": "- Continued, full, and timely implementation of the authorities’ adjustment program is central to realizing projected growth acceleration and fiscal outcomes.\n- Addressing social costs associated with fiscal consolidation and internal devaluation remains a policy priority given declining incomes and exceptionally high unemployment."
    },
    {
      "heading": "Thematic coverage",
      "content": "- Banking\n- Expenditure\n- Financial institutions\n- Fiscal policy\n- Income and capital gains taxes\n- Labor\n- Nonperforming loans\n- Pension spending\n- Tax administration core functions\n- Taxes\n- Wages\n\nInternational Monetary Fund: Greece: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Greece (February 7, 2017).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/02/07/greece-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44630"
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    "Published: February 7, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475575736.002",
    "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.",
    "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:",
    "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.",
    "Banking",
    "Expenditure",
    "Financial institutions",
    "Fiscal policy",
    "Income and capital gains taxes",
    "Labor",
    "Nonperforming loans",
    "Pension spending",
    "Tax administration core functions",
    "Taxes",
    "Wages",
    "**Country Report**"
  ],
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