SEV expects economy to grow by just 2 pct this year

Economic growth this year will only amount to 2 percent according to the Hellenic Federation of Enterprises (SEV), lowering the bar even further after government revised the target to 2.3 percent, compared to the 2.5 percent budget provision.

In its monthly economic bulletin the industrialists’ association stressed the significance of a smooth Greek exit from the bailout process and the continuation of the reform process if the 2 percent figure is to be attained.

It also warned that the very slow reduction of unemployment and increasing overtaxation will continue to burden the economy for the next couple of years at least.

Meanwhile the Foundation for Economic and Industrial Research (IOBE) on Monday said business expectations and output forecasts in Greek industry had recorded the highest levels in February since the beginning of the crisis, while also reporting an anticipated stagnation in employment.