For example, the European Commission projects a contraction of 9% in 2020 for the Greek economy in its summer forecast (revised downwards from 9.7% in its spring forecasts). The Bank of Greece expects a milder contraction in Greece relative to the euro area for the following reasons: 1. The successful containment of the pandemic in Greece as reflected in the relative health outcomes.
Indicatively, the number of deaths per million people is among the lowest in the EU. Academic research has shown that the better a country manages a pandemic the faster the rebound of the economy. 2. The Greek economy had a strong positive momentumbefore the outbreak of the crisis. Indicatively: 1.