China News Service, September 9th. According to the Greek "China Greek Times" citing local media reports, the Greek Statistical Office (ELSTAT) announced on September 3 that the country's economy in the second quarter of 2020 will shrink by 15.2%, which is lower than the previously expected 15.7 %, the main reason is that the restrictive measures taken to suppress the new crown virus have led to a slowdown in economic growth.
In the first half of March 2020, Greece's national blockade measures undoubtedly added another layer of pressure to the already troubled Greek economy.
Compared with the first quarter of 2019, the GDP of the Greek economy contracted by 0.9%, and compared with the second quarter of 2019, it contracted by 1.6%.
In the worst case scenario, the Greek Ministry of Finance had predicted a 15.7% contraction in the second quarter of 2020, and the overall recession for the year is estimated to be around 8%. The Greek economy seems to return to the level of economic growth in 2017.
Between April and June, Greece's GDP shrank by 14%, setting the toughest quarterly contraction value in at least 25 years. It may even break the stable situation that has just emerged from international relief.
During the 2010-2018 debt crisis, Greece lost about a quarter of its economic output. This debt crisis shook the stability of the euro zone. Greece was forced to sign three international rescue plans in exchange for the public's criticism. Austerity policy reforms.
However, according to ELSTAT data, even in 2009, when the economic crisis was the most severe, the data for the worst economic contraction in the first three months was only 4.7%.
It is reported that in 2018, Greece got rid of the 10-year economic crisis, but its debt to GDP ratio is still the highest.
It was originally expected that 2020 would be a year of strong recovery.
However, with the sudden arrival of the new crown epidemic, the shrinkage rate for the whole year of 2020 will be as high as 10%, and a strong recovery is almost hopeless.
(Zhang Wei)