Greece is expected to remain in
recession for a fifth straight year in 2012 with the economy shrinking by 4.5 per cent and recovery due to start in 2013, according to the Central Bank's annual report.
The
ailing economy, which has been struggling since 2009, will restore growth and overcome the debt crisis only with continuing strong focus on the austerity and structural reform drive under way, Xinhua reported citing the report that was released on Monday.
"The most significant factor for the success of the economic program aiming to resolve the crisis is the strict implementation," the report stressed.
The Greek GDP contracted by 6.9 per cent last year, while recession-linked unemployment reached 17.7 per cent on average on an annual basis and is expected to further climb up to some 19 per cent by 2013, according to the latest official estimates by the Central Bank of Greece.
The report was released as Greece secured this month a second multi-billion euro aid package by European Union and International Monetary Fund to cover its financing needs and continue efforts to tackle the lingering debt crisis.
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