WOOD Flash – Greece macro: faring better than most
We forecast real GDP to drop by 4.3% yoy this year, followed by a recovery of 4.7% yoy in 2021E to account for a stronger drag on tourism, which is likely to only show a tepid recovery by the end of the year. Household consumption is likely to decline by 10%, this year – reflecting the lockdown and post-lockdown effects and the sharp drop in tourism. We expect spending to bounce back in 2021E, recovering the lost output this year in full.Our real estate model signals a contained, but sharp moderation in annual house price growth, which should continue on an upwards trend after bottoming out by 3Q20E.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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