(Bloomberg) -- Greece’s gross domestic product is expected to decline by 11.7% this year before the economy rebounds and expands by 5% in both 2021 and 2022, the International Monetary Fund’s Managing Director Kristalina Georgieva said in an interview with Kathimerini newspaper.

Greece is expected to be one of the euro-area countries “that will be hit hard by the pandemic, due to its dependence on tourism and shipping, which are sectors that have been particularly affected by the crisis,” Georgieva said. She praised the Greek authorities and people for the way they handled Covid-19 crisis.

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