Endless prolonged recession for Greece

As tension keeps mounting between Greece and its international creditors, the IMF listed the priorities for Greece’s return to sustainable growth. Summing up, “Greece should deepen and accelerate reforms, which, together with further debt relief, are needed to allow the economy to return to a sustainable growth path,” the IMF said in its latest annual assessment of the Greek economy. If Greece reduced its fiscal and current account deficits significantly, the unemployment rate is still very high at 23 percent. Overall, Greece remains plunged in a prolonged recession with output 25 percent below its pre-crisis level (2008).