IMF: Greece will remain in recession by the end of 2016

IMF, though, warns that there is still a risk of Greece leaving the euro zone

The Greek people should be patient until the fourth quarter of 2016 to see country’s economy returning to positive growth, as International Monetary Fund (IMF) clarifies in its World Economic Outlook report.

Moreover IMF warns that although at the moment the risk of Greece leaving the euro zone has diminished following the agreement on the third memorandum, it could reemerge, if policy and political uncertainty reemerge in the country.

According to the report, the economic estimates for Greece were based on information provided to IMF until August 12, 2015 and the fact the Greek government has agreed with its European partners to implement a specific program.

IMF believes that the recession will reach 2.3% this year, while the Greek economy will return to positive growth in 2020. Also, during the fourth quarter of 2016 economic growth will reach 3%.