"This outcome, however, hinges upon a consistent implementation of all the measures legislated, together with policies that will speed up the onset of recovery, including a broader programme of structural reforms. Any delays will push the recovery back, with consequences that will be far more severe than anything that has so far happened," the report adds.

The report further notes that, despite delays, the progress that has been achieved in key sectors is tangible; despite the risks and the ongoing recession, the economy is changing. "As soon as the first clear indications emerge that past practices are being broken with and a new strategy for the future is being drawn up, the sentiment can rapidly turn around and the conviction that the end of recession is at hand can take hold. This would be the first step towards a new course of growth," the report concludes.