ATHENS: The Greek government Sunday slashed the gross domestic product (GDP) growth forecast for 2017 as it moved toward submitting new austerity measures, including a wider tax net, for approval by lawmakers.
The government lowered the GDP growth target for the year to 1.8 percent from a previous estimate of 2.7 percent, the state news agency ANA reported.
The latest estimate also falls short of the European Commission’s projection of 2.1 percent growth, set in February.
The downward revision appeared in the government’s budget proposal for 2017-2021, handed to the Parliament Saturday night, along with a bill proposing a tighter budget, ANA said.
Greece is seeking to meet the demands of creditors in an arduous bailout process with a proposed new law projecting tax increases for 2019 and 2020, even for income just above the poverty level.
That along with pension cuts — for the 14th time since the beginning of the crisis — is projected to earn €4.5 billion ($4.9 billion), according to ANA.
Part of a July 2015 bailout deal with the EU and the International Monetary Fund (IMF) to provide debt relief for the country, the new proposals are set for adoption Thursday night, according to parliamentary officials.
Lagging in the polls for being seen as caving to creditor demands, Prime Minister Alexis Tsipras will need full backing from his small majority of 153 out of 300 seats in the Parliament.
The right-wing opposition has said it will vote against the program.
During negotiations with creditors, Tsipras managed to secure some measures against poverty, such as cafeterias to serve free meals, day care and rent subsidies.
But the country’s main unions called for a national general strike Wednesday.
Greece slashes GDP forecast
Greece slashes GDP forecast
Lebanese social entrepreneur Omar Itani recognized by Schwab Foundation
- FabricAID co-founder among 21 global recipients recognized for social innovation
DAVOS: Lebanon’s Omar Itani is one of 21 recipients of the Social Entrepreneurs and Innovators of the Year Award by the Schwab Foundation for Social Entrepreneurship.
Itani is the co-founder of social enterprise FabricAID, which aims to “eradicate symptoms of poverty” by collecting and sanitizing secondhand clothing before placing items in stores in “extremely marginalized areas,” he told Arab News on the sidelines of the World Economic Forum in Davos, Switzerland.
With prices ranging from $0.25 to $4, the goal is for people to have a “dignified shopping experience” at affordable prices, he added.
FabricAID operates a network of clothing collection bins across key locations in Lebanon and Jordan, allowing people to donate pre-loved items. The garments are cleaned and sorted before being sold through the organization’s stores, while items that cannot be resold due to damage or heavy wear are repurposed for other uses, including corporate merchandise.
Since its launch, FabricAID has sold more than 1 million items, reached 200,000 beneficiaries and is preparing to expand into the Egyptian market.
Amid uncertainty in the Middle East, Itani advised young entrepreneurs to reframe challenges as opportunities.
“In Lebanon and the Arab world, we complain a lot,” he said. Understandably so, as “there are a lot of issues” in the region, resulting in people feeling frustrated and wanting to move away. But, he added, “a good portion of the challenges” facing the Middle East are “great economic and commercial opportunities.”
Over the past year, social innovators raised a combined $970 million in funding and secured a further $89 million in non-cash contributions, according to the Schwab Foundation’s recent report, “Built to Last: Social Innovation in Transition.”
This is particularly significant in an environment of geopolitical uncertainty and at a time when 82 percent report being affected by shrinking resources, triggering delays in program rollout (70 percent) and disruptions to scaling plans (72 percent).
Francois Bonnici, director of the Schwab Foundation for Social Entrepreneurship and a member of the World Economic Forum’s Executive Committee, said: “The next decade must move the models of social innovation decisively from the margins to the mainstream, transforming not only markets but mindsets.”
Award recipients take part in a structured three-year engagement with the Schwab Foundation, after which they join its global network as lifelong members. The program connects social entrepreneurs with international peers, collaborative initiatives, and capacity-building support aimed at strengthening and scaling their work.
