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Boston, MA -- (SBWire) -- 04/30/2014 --We expect a return to positive economic growth in 2014 following six years of depression.

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 down our 2014 real GDP growth forecast to 0.5% from 1.1% previously. We have also revised our current account surplus forecast to 1.3% of GDP from 1.7% previously.

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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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