P. Moscovici: In 2017 growth in Greece will reach 2.7 percent and 3.1 percent in 2018

EU Commissioner for Economic Affairs Pierre Moscovici on Wednedsay expressed his optimism over the course of the Greek economy.

Moscovici said that 2016 recession will be lower than expected and Greece will gradually return to growth. In 2017 growth will reach 2.7 percent, and 3.1 percent in 2018, he said adding that this is the result of structural reforms mainly in the labour sector.

He also estimated that investments and demand will increase in 2017 and 2018 and added that the Greek programme is successful and the confidence in the Greek economy restored.

Pierre Moscovici reiterated European Commission’s wish for a comprehensive agreement for Greece before the end of 2016.

Asked on Donald Trump’s election in the US and if something will change in IMF’s participation in the Greek programme, he said that he does not wish to link IMF’s stance with a political event.

“We are trying to get into a virtuous circle with Greece,” stated Moscovici adding that the goal is “the memorandum to succeed, the reforms to be implemented correctly, growth to return and the trust to be restored” he said.

Moscovici reiterated that the Greek authorities have already assumed their responsibilities despite the fact they did not do it ‘totally’ or ‘spontaneously’ and now it is the partners’ time to assume their own responsibilities.

“I insist on May 2016 statement and I hope to achieve a more comprehensive agreement before the end of 2016 which will include the IMF,” he said adding that he expects the IMF to participate in the programme.