Comment on Greece poised for recession as uncertainty takes its toll

By PAN PYLAS, Associated Press, San Francisco Chronicle: World
Tue, 03/03/2015 - 8:05am

Greece poised for recession as uncertainty takes its toll

The uncertainty generated by January's general election and the drama over extending Greece's financial lifeline is helping to push the economy back toward recession despite encouraging signs from the tourism sector, the country's biggest money earner. The uncertainty, which started toward the end of 2014 when early elections were called, has damaged confidence among investors, consumers and business owners. [...] the financial system has been shaken by an apparent increase in deposit withdrawals by worried savers, which is seen to have hurt investment. Phil Smith, an economist at financial information company Markit, which compiles a monthly survey into the manufacturing sector, said Greece's economy continues to "struggle under the weight of uncertainty." Markit's February survey found manufacturing output falling at its fastest rate for 16 months and its key gauge of business activity is in recession territory. Douglas Renwick, a senior director at Fitch Ratings, said the period of uncertainty has damaged investor, consumer, and depositor confidence and increased "the downside risks to growth and Greece's incipient economic recovery." The Association of Greek Tourist Enterprises expects 1 million more arrivals this year, bringing the total to 25 million, while TUI, one of the world's biggest travel companies, with extensive operations in Germany and the U.K., is finding strong growth in bookings.

 

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