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BoG governor sees growth potentially exceeding 3% after 2020

Bank of Greece  governor Yannis Stournaras estimated that growth rates could rise higher than 3 percent after 2020, given the right conditions.

However, the Bank of Greece estimated that GDP will grow by 1.9 percent this year, while in 2020 the growth rate will exceed 2 percent.

Speaking at an event organised by the Stavros Niarchos Foundation at Yale University in the U.S. on Thursday, Stournaras urged the government to rapidly implement its reform programme in order to limit future risks and address remaining challenges, as well as the residual effects of the crisis, such as the reduction of investments by 67.5 billion euros in 2010-16.

Moreover, as he pointed out, the continuation of reforms is an obligation that Greece has undertaken in the context of enhanced surveillance, as well as a precondition for the activation of medium-term debt relief measures.

He added that “increased policy credibility through the implementation of reforms, accelerating privatisations and unblocking of already approved investment projects will increase market confidence in the growth prospects of the Greek economy.”

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