Greece To Exit Recession In 2014
OANDA | Oct 07, 2013 10:48AM ET
Greece has predicted that it will emerge from its six-year long recession next year, in a sign it may be finally recovering from its debt crisis.
The Greek government made the forecast in a first draft of its 2014 budget, which predicted 0.6% growth.
“We foresee the end of recession in 2014,” vice finance minister Christos Staikouras said.
Greece will submit a final budget in November.
Greece’s economy has shrunk by 23% since 2008, and it has been dependent on rescue loans from other European Union countries and the International Monetary Fund since 2010.
So far, it has received 240bn euros (£206bn) in loans from the “troika” of international lenders – the European Commission, European Central Bank and the International Monetary Fund.
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