14.2.13
The Center for Planning and Economic Research (KEPE) will publicize the results of its research next week, predicting a 30% unemployment rate due to the unprecedented recession. Figures from the General Account Office, IKA and even the self-employed insurance fund OAEE indicate a significant drop in revenue and increase in unemployment rates.
The KEPE report will be publicized next week will predict a 4.1% recession for 2013, which will likely cause unemployment rates to soar to 30%. On the positive side of things, KEPE predicts that the trade balance deficit will be near zero. The Labor Institute of GSEE has also made similar predictions, however KEPE’s institutional role gives its report extra weight, which in turn worries serious financial and political circles such as the Ministry of Finances’ leadership.
The dire predictions of unemployment rates do not come as a shock though; a few months ago, former PM Lucas Papadimos had noted that patience will be required from the moment the economy begins to recover and new jobs are created to combat unemployment.
The only certainty is that any new data revealed is scrutinized by financial staff and likely to provide ammunition in the ongoing struggle between the government and opposition, but mostly the strife within the government.
