MacroPolis

Fitch re-affirmed Greece’s credit rating to ‘BB’ on Friday night, maintaining the stable outlook.

The European Commission slightly revised its forecasts for Greece in the interim Summer forecast released on Tuesday, compared to the Spring forecasts that were released at the beginning of May.

The Bank of Greece (BoG) published its Monetary Policy Report for 2020 on Monday, outlining the numerous challenges that the pandemic will pose on the Greek economy, public finances and the banking system.

Greece’s seasonally adjusted (SA) GDP fell by 1.6 percent quarter-on-quarter (QoQ) in the first quarter (Q1) of 2020 after a decrease of 0.7 percent in Q4 2019, provisional estimates from the Hellenic Statistical Authority (ELSTAT) revealed on Thursday.

The European Commission released today its Spring Economic Forecasts, the first official set of numbers since the pandemic outbreak, which point to the EU economies experiencing “a recession of historic proportions this year.”

The Greek Finance Ministry published on Sunday night the Stability Programme for 2020 that it submitted to the European Commission, providing the first official assessment of the economic impact the government expects to see from Covid 19 this year, as well as the notable recovery expected next year.

The Centre of Planning and Economic Research (KEPE) has released an analysis of the impact of the coronavirus on Greece’s non-performing loan market.

The IMF released on Tuesday its latest economic estimates in the context of the World Economic Outlook, which has incorporated the impact of what it calls The Great Lockdown that sees global GDP dropping by 3 pct in 2020, subject to various uncertainties.

The Organisation for Economic Cooperation and Development published on Monday a report that evaluates the initial impact on economic activity of containment measures taken around the globe against the spread of the coronavirus.

The extent of the damage that could be inflicted on the Greek economy as a result of the coronavirus impact is becoming clearer by the day, with the Finance Ministry and leading investment houses now expecting Greece to slip into a recession again this year.