"The sacrifices (of the Greek people) are bearing fruit. I am optimistic that return to growth, a Grecovery, is on the way," Bank of Greece Governor George Provopoulos stated at the Forum of Monetary and Financial Institutions in London, on February 7.

In a speech on "The Greek crisis: from Grexit to Grecovery," Provopoulos said he expected the Greek economy to return to growth this year, although "initially with small steps."

The Greek central banker stated that this estimate was based on structural reforms in the labour and goods markets that have significantly boosted competitiveness and exports; on the confidence returning to Greek economy, which has increased domestic consumption and investments; finally on the fact that fiscal absorption will be significantly reduced compared with previous years. Further, Provopoulos underlined the significant progress made by the Greek economy in dealing with current account deficit and promoting reforms, necessary for its transformation into an export-led economy.