The EC (European Commission)  released a report today, highlighting the state of the Greek economy. Confidence indicators and financial date in the country continue to improve, whereas, according to recent economic forecasts, 2014 will be marked by a 0.6% rate of recovery.

The revival of Greek exports and the rise in tourism, combined with a stronger presence in shipping will be further enhanced through the overall recovery throughout the eurozone.

At the same time, a rise in investment and private consumption are expected to significantly contribute to boosting growth.

Unemployment
The Commission noted that unemployed reached a crescendo in 2013, at 27.3%. It is, however, expected to drop to 26% in 2014.

Reforms
Regarding risks posed towards any positivity created within the eurozone and the Greek economy, the European Commission underlines that it will all depend on sociopolitical developments in Turkey and the Ukraine. A possible delay in the pace of structural reforms may ultimately affect investor confidence.

Banks
Regarding developments in the banking sector, the European Commission stresses that the positive capitalization of Greek banks with private funds is, in essence, a mark of trust, however, it notes that “red loans” must be dealt with.

Public Administration
The EC, however, points out that “very substantial improvements” in public administration are direly needed, in order for Greece to align its course with the best practices used in the aforementioned sector.

Despite that, the Commission believes that the range of measures undertaken and implemented since July 2013, is extensive and satisfactory.