Fast Market Research recommends "Greece Business Forecast Report Q1 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 02/20/2013 -- Core Views
The Greek economy will linger on in 2013 as deep fiscal retrenchment and internal devaluation take a damaging toll.
The prospect of further spending cuts and tax hikes will ensure that demonstrations and national strikes remain a key feature of the political landscape over the medium term.
The current account deficit has collapsed faster than we had expected, raising the prospect of a return to surplus over the medium term.
This is symbolic of Greece's transition towards a more balanced and sustainable economic growth model.
Major Forecast Changes
We have revised our 2013 real GDP growth forecast to -4.1% from -2.7% previously.
We have revised our 2013 and 2014 current account forecasts to -1.6% and 0.0% respectively, from -8.5% and -7.3% previously, following signs that the rebalancing process is accelerating rapidly.
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Key Risks To Outlook
Upside Risks To Deficit Forecasts: The severity of the fiscal consolidation programme and the public backlash mean that the scope for slippage will remain pronounced.
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