Parliament’s independent General Budget Office on Friday issued another high-profile warning regarding the still shrinking Greek economy, saying any recovery “will not be automatic”.
Parliament’s independent General Budget Office on Friday issued another high-profile warning regarding the still shrinking Greek economy, saying any recovery “will not be automatic”.
The service, which is not under the jurisdiction of the general government, issued its latest warning in a report delivered to Parliament President Nikos Voutsis.
“If uncertainty is not alleviated on the course of future policy, and rules of governance are not changed, then the economy will not recover,” the report notes.
The necessity of finally implementing structural reforms is again stressed, with the report stating that “2017 began with delays in the implementation of the (Greek) program” – something that foretells another difficult year.
The specific entity, which comes under Parliament’s jurisdiction, has repeatedly called for reforms and liberalization of the economy in the crisis-battered and debt-laden country.
The Budget Office stressed that reforms “…create the necessary conditions to prevent the perpetuation of a situation characterized by increased burdens on the private sector; reduced incomes in the public sector; restrictions on capital movement; an exodus of trained young professionals and dysfunctional state structures.”