BoG governor Stournaras sees growth rates higher than 3 percent, under conditions

Bank of Greece (BoG) governor Yanis Stournaras estimated that growth rates could exceed 3 percent, under conditions.

However, the Bank of Greece estimated that GDP will grow by 1.9 percent this year, while in 2020 the growth rate will exceed 2 percent.

Speaking at an event organized by the Stavros Niarchos Foundation at Yale University in the US, Stournaras urged the government to rapidly implement its reform programme in order to limit future risks and address remaining challenges as well as the effects of the crisis, such as the reduction of investments by 67.5 billion euros in 2010-16.

Moreover, as he pointed out, the continuation of the reforms is an obligation that Greece undertakes in the context of enhanced surveillance, as well as a precondition for the activation of medium-term debt relief measures.

He added that "increased policy credibility through the implementation of reforms, accelerating privatizations and unblocking of already approved investment projects will increase market confidence in the growth prospects of the Greek economy."