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Economy


  • 12-May-2023

    English

    Transitioning to a green economy in Greece

    A changing climate is threatening livelihoods and economic activity in Greece and the world. Transitioning to a green economy – mitigating the causes of climate change and adapting to its effects, while sustaining activity and improving well-being – is among the greatest policy challenges of the coming decades. In Greece, legacies of high emission intensity, limited fiscal space and scarce private financing amplify the challenge. Greening Greece’s energy system is at the core of this transition. This entails swiftly developing its large potential for renewable energies and adapting energy consuming sectors. A well-chosen mix of policies – including carbon pricing, public infrastructure investments, and gradually tightening regulations on minimum energy efficiency standards, while providing financial support and protecting vulnerable households – would minimise the cost of this transition. Developing insurance coverage can better protect households and firms from damages resulting from a warming climate, while limiting fiscal exposure. Engaging all stakeholders and supporting those affected by the transition will help build the consensus for implementing these policies into the long-term.

  • 10-January-2023

    English

    Greece: Maintain reform momentum as recovery slows amid global headwinds

    Greece’s strong economic rebound from the COVID-19 crisis is being put to the test by surging energy and food prices and renewed global uncertainty, according to a new OECD report.

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  • 17-November-2020

    English

    The impact of COVID-19 on SME financing - A special edition of the OECD Financing SMEs and Entrepreneurs Scoreboard

    The COVID-19 crisis has had a profound impact on SME access to finance. In particular, the sudden drop in revenues created acute liquidity shortages, threatening the survival of many viable businesses. The report documents an increase in demand for bank lending in the first half of 2020, and a steady supply of credit thanks to government interventions. On the other hand, other sources of finance declined, in particular early-stage equity. This paper, a special edition of Financing SMEs and Entrepreneurs, focuses on the impacts of COVID-19 on SME access to finance, along with government policy responses. It reveals that the pre-crisis financing environment was broadly favourable for SMEs and entrepreneurs, who benefited from low interest rates, loose credit standards and an increasingly diverse offer of financing instruments. It documents the unprecedented scope and scale of the policy responses undertaken by governments world-wide, and details their key characteristics, and outlines the principal issues and policy challenges for the next phases of the pandemic, such as the over-indebtedness of SMEs and the need to continue to foster a diverse range of financing instruments for SMEs.

  • 8-October-2020

    English

    Rejuvenating Greece’s labour market to generate more and higher-quality jobs

    Greece’s labour market entered the COVID-19 shock following several years of sustained employment growth and with wages picking up. Unemployment remained high and employment rates were low, especially among women, the young and older workers. The shock led to a sharp fall in labour force activity and has stalled new hiring. The improved social protection and temporary support measures have helped to support households’ incomes and protect jobs during the COVID-19 crisis. However, high tax and social security contribution rates, together with little in-work support for the low-paid, continue abetting high structural informality. This heightens insecurity – by excluding many workers from activation policies or social and employment protection – and weakens productivity. Boosting the capacity of employment services and activation policies would support the recovery from the COVID-19 shock, in addition to durably improving employment prospects especially of long-term unemployed. Giving workplaces further flexibility to adapt collective agreements to specific circumstances would help align wage growth with productivity developments and help businesses to weather the COVID-19 shock. Building on the population’s solid education levels by equipping workers with the skills needed by the labour market can support employment and incomes. This will require a substantial boost to professional education and training at all levels and ages. This chapter applies the 2018 OECD Jobs Strategy to Greece to identify reforms that can help to overcome the COVID-19 crisis and create a virtuous cycle between productivity, job creation, and well-being.

  • 17-September-2018

    English

    Boosting investment in Greece

    Aggregate investment has declined markedly over the crisis and has yet to recover. Reviving domestic and foreign investment is crucial to supporting the economic recovery, deepen Greece’s integration into global value chains and raising living standards.

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  • 17-September-2018

    English

    Generating employment, raising incomes and addressing poverty in Greece

    Employment is pivotal to strengthening Greece’s economic recovery, increasing social welfare and redressing poverty.

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  • 7-September-2016

    English

    Enhancing Greek exports is key to jobs and growth

    With weak domestic demand and a relatively low export share in the economy there is much potential to raise exports. Despite a recent pick-up Greek export performance deteriorated in the last decade particularly in the service sector and by much more than in the Euro area on average

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  • 27-July-2016

    English

    Estimating the distributional impact of the Greek crisis (2009-2014)

    This paper analyses the effects of the Greek crisis on inequality and poverty in 2009-2014 using the micro-simulation model EUROMOD.

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  • 14-June-2016

    English

    Structural reforms for more inclusive growth in Greece

    The Greek economy is turning around lately, but it remains in a deep depression. GDP has fallen by more than a quarter between 2007 and 2015, unemployment remains extremely high at 25 percent and anchored poverty – which measures poverty relative to its pre-crisis income level – has nearly tripled between 2007 and 2014, reaching a third of the population.

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  • 26-May-2016

    English

    How to boost export performance in Greece

    Boosting investment in infrastructure and logistics, further liberalising the network industries, improving investment in human and knowledge-based capital to allow upgrading in the global value chains will be essential to enhance export performance.

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