Even though my friends in Greece say it’s just talk, it seems Greece might be coming out of the crisis, says Greek government. Surely, we should believe the government.
Greece sees end of recession in 2014 with new budget.
Greek lawmakers have passed the 2014 budget, which predicts a return to growth after six straight years of painful recession.
“This is the first decisive step in exiting the bailout,” Prime Minister Antonis Samaras said.
Greece’s economy has shrunk by nearly one-third since 2007.
Greece’s economy shrank by a smaller-than-expected 3.7 percent last year, marking the first time it has outperformed expectations since a debt crisis took hold and boosting hopes for a recovery this year.
The six-year slump has rendered Greece’s 182 billion euro ($250 billion) economy 23 percent smaller and driven its unemployment rate to a record 28 percent after austerity measures were imposed to shore up public finances.
Recent data, such as retail sales, car sales, industrial output, construction and manufacturing activity (PMI) suggest the economy has most probably bottomed out and is set to pull out from recession this year.
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