Moreover, the Greek economy has already entered a phase of accelerating growth, and this should also help limit the detrimental effects of normalisation. One possible channel through which normalisation might affect growth is via exchange rate fluctuations exerting a negative impact on exports. The effect of exchange rate fluctuations cannot be quantified at this stage.
Speaking of jobs, the unemployment rate improved from a record high of 17.7 percent in April— which was the height of the lockdown—to 10 percent in July. Contraction of imports slowed down from 65.3 percent in April to 22.6 percent in August. And, the decline in exports eased from 49.9 percent in April to 18.6 percent over the same period.