OECD economic survey Greece 2018.
Greece is on track to recover from a deep depression. Reforms have gathered pace and fiscal consolidation has strengthened credibility, lowering uncertainty. Exports have led the expansion and labour market reforms have improved competitiveness, supporting employment growth, but wages and productivi...
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| Format: | eBook |
| Language: | Inglés |
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Paris :
OECD
[2018]
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| See on Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009704778606719 |
Table of Contents:
- Intro; Table of contents; Basic statistics of Greece, 2016; Executive summary; The economy is recovering and fiscal credibility has improved; The primary budget balance is in surplus; Well targeted social programmes will enhance social inclusion and intergenerational equity; Poverty rates are high, especially for children; Despite significant reforms, cumbersome regulation and lack of finance hinder private investment; Improving the business environment would accelerate the investment recovery; Assessment and recommendations; Figure 1. Growth has resumed. Figure 2. The external and fiscal imbalances have closedFigure 3. Transitions into employment improved following labour market reforms; Figure 4. Poverty rose sharply during the crisis, especially among children, and investment collapsed; Figure 5. Greece's well-being outcomes are low; Table 1. Selected elements of the reform programme; The economy is finally growing again; Figure 6. Confidence is gradually increasing and the unemployment rate is declining; Figure 7. External competitiveness has improved but productivity continues to decline. Figure 8. Private consumption has stopped falling, investment is volatile, price and wage pressure remains moderateFigure 9. The primary balance has improved; Figure 10. Bank lending rates in Greece have declined but remain higher than in other Eurozone countries; Figure 11. Bank deposits have levelled off and reliance on the central bank's funding is decreasing; GDP is projected to accelerate; Table 2. Macroeconomic indicators and projections; Table 3. Low probability events that could lead to major changes in the outlook; Strengthening the banking sector. Figure 12. Capital ratios exceed thresholds but return on assets remains negativePast OECD recommendations on financial stability policies; Banks' governance framework has improved; Reducing non-performing loans; Figure 13. The stock of non-performing loans is large; Table 4. Share of non-performing exposures for different types of loans; Figure 14. Private sector debt and loans to non-financial corporations are lower than in other OECD countries; Higher growth, prudent fiscal policy and debt restructuring will reduce the public debt. Table 5. Assumptions of different scenarios for debt sustainability analysisTable 6. Impact of structural reforms on GDP level; Figure 15. Locking-in lower interest rates and additional reforms will help reduce the public debt; Redressing public finance to bolster inclusive growth; Enlarging the tax base to build a fairer and pro-growth taxation system; Figure 16. Tax rates are high whereas tax revenues are low; Figure 17. Value-added tax collection is low; Past OECD recommendation on fiscal issues; The complex tax system discourages compliance, encourages informality and reduces revenues.
