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OECD predicts Greece will remain mired in recession next year


economy

OECD predicts Greece will remain mired in recession next year

The Organisation of Economic Cooperation and Development (OECD) has published a report concluding that Greece will remain in recession next year.

The release of the report from the Paris-based think tank came just weeks after Athens forecast that the crisis-hit economy would return to growth.

The Greek government anticipates a modest recovery in 2014 after six years of recession – forecasting growth of 0.6 percent.

But the OECD predicts that the economy will contract by 0.4 percent next year.

According to the report, Greece needs to tackle more than 550 regulations that are hindering growth across several industries including, construction, tourism and retail trade.

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