Real GDP growth is expected to be negative, at least during the first half of 2016, largely reflecting a carry-over effect from 2015. However, as already mentioned, the objective conditions are in place for Greece to exit recession and come closer to positive growth from the second half of this year.
This is also conditional on a number of steps that will help to avert risks and strengthen the prospect of recovery, which is feasible. The first step, and the one with the most crucial bearing on future developments, is the successful completion of the first review of the programme, currently in progress.