Greek economy to grow by more than 3.0 pct from 2020 onwards, SEV report says

The Greek economy is expected to grow slightly less than 2.0 pct this year but to reach growth rates above 3.0 pct of GDP from 2020 onwards, the Hellenic Federation of Enterprises (SEV) said on Monday.

In its monthly bulletin on economic developments, SEV said that the Greek economy has begun benefiting from the favourable impact of the first measures taken by the new government - tax cuts, simplified procedures for strategic investments - which create a euphoric climate not only in markets, but in enterprises and households as well.

"Sooner or later, this climate will lead to an increase in investments, employment and wages, especially from 2020 onwards. There are, however, hopes that an economic recovery has begun in the second half of 2019", SEV said.

"The Greek economy has the potential to enter into an orbit of high growth rates. For this to happen, efforts must intensify in coming years for the transformation of the Greek economy, particularly the revival of Greek industry and the creation of new skills for workers, compatible with coming technological developments and the needs for greater extroversion of the country's productive capacity", the Federation said.