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OECD Economic Surveys: Greece 2011
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- Table of contents
- Basic Statistics of Greece (2010)
- Executive summary
- Assessment and recommendations
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Chapter 1. Restoring fiscal sustainability and promoting sound and solid growth
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Greece needs to restore conditions for sustainable and robust growth
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The economy is in a severe recession in the context of a sizeable, but vital, fiscal retrenchment
- Figure 1.1. Macroeconomic developments since 2000
- Figure 1.2. Public and external imbalances
- Figure 1.3. Recent macroeconomic developments in the aftermath of the global economic crisis1
- Figure 1.4. Recent macroeconomic developments
- Figure 1.5. Unemployment and inflation
- Table 1.1. Recent growth and prospects
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Sources and size of the macroeconomic imbalances leading to the crisis
- Figure 1.6. Saving and investment
- Figure 1.7. Credit growth and debt developments in the private sector
- Figure 1.8. Inflation, interest rates, competitiveness and export performance indicators
- Figure 1.9. Import coverage and export share development of Greece in the EU and nonEU markets
- Figure 1.10. Recent fiscal development in Greece in the international perspective
- Figure 1.11. Revisions to the 2009 budget deficit estimates over time and interest rate spread
- Box 1.1. Reform of the Greek statistical system
- Figure 1.12. Efficiency, productivity and product market regulations
- Figure 1.13. Selected indicators of resource allocation
- Figure 1.14. FDI stock and FDI product market regulations
- Figure 1.15. Share of self employed and enterprise size
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The correction of imbalances has now started, especially in the government sector
- Table 1.2. Planned fiscal deficits and initial outcomes
- Box 1.2. Main features of deficitreducing measures adopted for 2010
- Table 1.3. Deficitreducing measures for 2010
- Figure 1.16. Fiscal deficit reduction targets, detailed objectives and outcomes for 2010
- Box 1.3. Additional fiscal adjustment measures are needed in 2011
- Table 1.4. Deficitreducing measures for 2011 initially included in the budget
- Box 1.4. Estimating the macroeconomic impact of the fiscal consolidation plan in 2010 and 2011
- Table 1.5. Estimated macroeconomic impact of the 2010 and 2011 fiscal adjustment programmes
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Access to credit is key to the recovery
- Figure 1.17. Credit growth and non performing loans
- Figure 1.18. Deposits, interest rates and liquidity provided by the ECB
- Figure 1.19. Solvency indicators and public guarantees of the banking sector
- Box 1.5. The Financial Stability Fund
- Figure 1.20. Housing sector development
- Table 1.6. Banks’ sovereign debt exposure, end2009
- Figure 1.21. Selected characteristics of the banking sector
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The economy is in a severe recession in the context of a sizeable, but vital, fiscal retrenchment
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Returning to fiscal sustainability
- Table 1.7. Public sector debt development since the mid90s
- The required consolidation is among the largest ever undertaken in the OECD
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Simulations on debt sustainability point to room for faster debt reduction with strong reforms
- Box 1.6. What is the potential growth rate of Greece?
- Table 1.8. Potential output estimate
- Figure 1.22. Longterm debt sustainability: baseline scenario
- Table 1.9. Decomposition of longterm debt dynamic
- Box 1.7. How large might be the output gains of structural reforms?
- Figure 1.23. Longterm debt sustainability: alternative scenarios
- + The success of the program is, nevertheless, subject to many risks
- Notes
- Bibliography
- Annex 1.A1. Progress in structural reform
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Greece needs to restore conditions for sustainable and robust growth
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Chapter 2. Sustainability cannot be achieved without structural fiscal reforms
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The budget adjustment strategy will have to rely on structural fiscal reforms going forward
- A better fiscal framework and monitoring mechanisms of budget implementation are needed
- + Fighting tax evasion and improving the tax system needs to continue
- + An overhaul of the public employment system would enhance service quality and contain costs
- Restructuring the stateowned enterprises is indispensable to cut debt buildup
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Longterm fiscal sustainability needs reforms in key public services
- Notes
- Bibliography
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The budget adjustment strategy will have to rely on structural fiscal reforms going forward
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Chapter 3. Structural reforms to support growth
- The potential benefits of labour and product market reforms are impressive
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Getting people back to work and boosting longer term growth
- + The crisis has worsened the already high structural and youth unemployment
- + More effective activation policies can aid the recovery and reduce the social pain of adjustment
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Reforms in the labour market would also facilitate the recovery, job creation and reallocation
- Figure 3.4. Greek labour market functioning indicators
- Figure 3.5. Main features of the collective bargaining system
- Figure 3.6. Unit labour costs grew fast
- Box 3.1. Recent reforms in the collective bargaining and arbitration systems
- Figure 3.7. Minimum wages: an international comparison
- Figure 3.8. Average tax wedge on lowwage earners
- Figure 3.9. Employment protection legislation in OECD countries
- Figure 3.10. Employment protection legislation for blue and whitecollar workers
- Box 3.2. Recent reforms in EPL
- Box 3.3. Recent measures to increase the flexibility of working arrangements
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Reform of product market will boost growth
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There is enormous scope to raise competition and improve the business environment in Greece
- Figure 3.11. Markups are relatively high
- Figure 3.12. Barriers to business remain
- Figure 3.13. Greece ranks low on the basis of Global Competition Review
- Box 3.4. The legislative framework for the competition authority has been amended frequently
- Figure 3.14. The average size of enterprises is small
- Figure 3.15. Regulatory barriers to entrepreneurship have eased
- Box 3.5. The new investment law and other initiatives to support business investment
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Swift implementation of sectoral reforms should also enhance growth
- Figure 3.16. Regulatory barriers in retail sector
- Figure 3.17. The growth of international tourism receipts has slowed down but the potential of the sector is large
- Figure 3.18. Professional services have been deregulated
- Figure 3.19. State control could be reduced further
- Figure 3.20. Regulations in transport were eased
- Box 3.6. Road freight reform: main features
- Box 3.7. Restructuring the railways and urban transport sectors
- Figure 3.21. The regulatory stance in the electricity and gas sectors
- Box 3.8. Implementing the 3rd EU Energy Package
- Box 3.9. Recommendations for supporting growth with structural reforms
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There is enormous scope to raise competition and improve the business environment in Greece
- Notes
- Bibliography
This 2011 edition of OECD's periodic survey of the Greek economy includes chapters covering fiscal sustainability, structural fiscal reforms, and labour and product market reforms.
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Business & Economics > International > General
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Publication year : 2011
License: All rights reserved ©
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