Greek economy's recovery to strengthen: ECB's Stournaras

[ATHENS] Greece's economy is recovering after a deep recession and growth is set to pick up in the next two years, the head of its central bank said on Thursday, urging a speedy conclusion of a bailout review to avoid a new cycle of uncertainty.

"The Greek economy is currently on a growth track. It is now safe to predict that economic activity will continue to pick up at a stronger pace in the near term," Bank of Greece Governor Yannis Stournaras told the British-Hellenic chamber of commerce.

In 2017 as a whole, gross domestic product was projected to grow by about 1.7 per cent, he said, while in 2018 and 2019, growth will quicken to 2.4 and 2.7 per cent, respectively, driven by rising investment, consumption and exports.

Mr Stournaras, also a European Central Bank Governing Council member, said the central bank's forecasts were based on the assumption Greece's reforms and privatisations programme "will be implemented consistently and according to schedule."

REUTERS