A report conducted by Prognos AG on issues related to developments in various aspects of politics, economy and society show that by 2020 Greek economy will shrink by 0.8% per year, while unemployment rate will reach its highest rate.

The report was published by Die Welt newspaper and mentions that since 2008 the ratio of debt as far as GDP is concerned has been doubled reaching 200%, while, according to the report, by 2022 it will reach 245%.

“Without a real debt haircut Greece will not be able to stand on its feet,” chief economist of Prognos AG Michael Böhmer says.

Michael Böhmer refers to the social consequences of the crisis arguing that Greeks will not return to the pre-crisis economic before 2034. “Since 2008 the country has lost 1/3 of its economic power, 1 out of 4 young people are registered unemployed,” he says.

0Unlike European Commission, which sees significant improvement, the report mentions that Greece will manage to increase the GDP by more than 2% after 2020 and Greek economy will return to pre-crisis level at 2034.