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Greece’s economy had been expanding by nearly 2% for over three years before the COVID-19 shock. Structural reforms, high primary budget surpluses and debt measures underpinned Greece’s recovery and rising confidence. Then the COVID-19 pandemic struck, abruptly interrupting the recovery and adding new challenges to raising inclusiveness, competitiveness and growth.
Greece's economy had been expanding by nearly 2% for over three years before the COVID-19 shock. Structural reforms, high primary budget surpluses and debt measures underpinned Greece's recovery and rising confidence. Then the COVID-19 pandemic struck, abruptly interrupting the recovery and adding new challenges to raising inclusiveness, competitiveness and growth. This Survey proposes an ambitious set of reforms to overcome the COVID-19 shock while promoting a stronger and more inclusive growth. Aiding businesses and workers to upgrade their activities and skills and to shift to more promising sectors would accelerate the recovery and enhance resiliency to future shocks. Raising productivity and investment growth will require reducing barriers to competition, increasing the public administration and justice system's effectiveness, cutting red tape and accelerating the repair of the banking system. Strengthening active labour market programmes, education and training programmes, better supporting carers, and reducing the high labour tax wedge would expand job opportunities and improve inclusiveness. Raising the quality of public spending and improving the effectiveness of the tax system would help Greece to gradually shift the primary budget balance back to surplus, maintain its hard-won fiscal credibility and support inclusive growth. SPECIAL FEATURE: REJUVINATING GREECE'S LABOUR MARKET TO GENERATE MORE AND HIGHER-QUALITY JOBS
OECD's Economic Survey of Greece for 1962 includes coverage of basic data on the Greek economy, growth of the Greek economy from 1954-1960, the Greek economy in 1961, and prospects and problems for the Greek economy.
OECD's 1963 Economic Survey of Greece examines development planning and problems of private investment and financing of development and draws a series of conclusions.
Swiss citizens continue to enjoy high living standards on a range of dimensions. Economic growth has slowed but the healthy labour market is still supporting incomes and consumption. However, risks to the outlook are building. Monetary policy has been very accommodative but low interest rates are adding to financial risks. Fiscal policy is sound and debt low. There is scope to make greater use of available fiscal space. Adapting to population ageing is becoming pressing. This trend, along with digital transformation, will bring new opportunities for the economy and society, but challenges as well. Policies have not kept up with rising life expectancy, particularly the statutory retirement age. Updating the pension system and lowering barriers to working longer would ensure that workers continue to receive adequate incomes during retirement. Ageing will also pressure health care spending and increase demand for long-term care. Policies to contain costs and reduce fragmentation in the system can help maintain access to quality care. Switzerland is well placed to seize the opportunities offered by new technologies. Addressing the barriers to adoption, improving the availability of information and helping workers adapt will enable firms, individuals and governments to reap the benefits of digitalisation. SPECIAL FEATURE: POLICIES FOR AN AGEING SOCIETY
This 2016 OECD Economic Survey of Greece examines recent economic developments, policies and prospects. The special chapters cover: Structural reforms for inclusive growth and Boosting exports.
OECD's 2013 Economic Survey of Greece examines recent economic developments, prospects and policies. Special chapters cover restoring growth and fairly sharing the social impact of the crisis.
The COVID-19 outbreak is worsening an already fragile economic outlook. Since 2013, growth has been modest and unemployment has been rising. Policy uncertainty has been the main driver of low confidence and subdued investment. Following a sharp fiscal deterioration in recent years, the crisis also heightened debt sustainability challenges.
Like many countries, the United Kingdom has been hit severely by the COVID-19 outbreak. A strict lockdown was essential to contain the pandemic but halted activity in many key sectors. While restrictions have eased, the country now faces a prolonged period of disruption to activity and jobs, which risks exacerbating pre-existing weak productivity growth, inequalities, child poverty and regional disparities. On-going measures to prevent a second wave of infections will need to be carefully calibrated to manage the economic impact.