Against this background and as wages and inflation start picking up, it is important that labour cost increases are matched with productivity gains so as not to hurt future competitiveness. Meanwhile, imports are set to pick up in response to the domestically-driven recovery, which will worsen the trade balance. Following strong growth in 2018, exports are projected to increase more slowly in 2019 and to slow down further in 20. ![]() Exports continue to grow, but more slowly than in previous years due to weakening foreign demand. Greece’s international position is slightly deteriorating, amid a widening deficit in goods trade. Investment growth is expected to accelerate, thanks to structural reforms, including the ongoing shift towards a more investment-conducive tax framework. ![]() Persistently low investment and the continued emigration of skilled workers will continue to weigh on Greece's growth prospects for some time. Potential growth, which has suffered during the last decade, is set to improve, backed by investment-supporting policies. government debt) will take some time to resolve and will require sustained growth and implementation of reforms. the government’s budget balance) amid the deep institutional and structural reforms of the last decade, stock imbalances (e.g. While significant progress has been made in correcting flow imbalances (e.g. These imbalances concern the high public debt, the negative net international investment position, the high share of non-performing loans on banks’ balance sheets and the still high unemployment rate. Economic growth is expected to remain robust in 2020 with the support of a growth-friendly fiscal mix and other productivity-enhancing policies.ĭespite the economic upturn, large accumulated imbalances remain as a legacy of the crisis and will take some time to resolve. Export performance has been positive in recent years backed by cost competitiveness gains. After returning to economic growth in 2017, the growth rate has stabilised at around 2%, largely backed by consumer spending and net exports. The recovery of the Greek economy continues. Greece is also subject to enhanced surveillance, which monitors, among other things, implementation of the post-programme policy commitments given at the Eur ogroup of 22 June 2018 ( 1 ). By reforming its economy and administration, Greece has ended 8 years of financial assistan ce and has been integrated into the European Semester for economic and social policy coordination. This is Greece’s second year of participating in the European Semester after successfully exiting the European Stability Mechanism support programme in August 2018. Graph 4.4.10: Efficiency of th e Greek justice systemīox 2.1: Commission Structural Reform Support Programme in Greeceīox 4.4.1: Export promotion and trade facilitation strategiesīox 4.4.5: Investment challenges and r eforms in Greeceīox 4.4.6: EU funds and programmes to address structural challenges and to foster growth and competitiveness in Greece Graph 4.4.9: Distribution of public officials by age group Graph 4.4.8: Real gross value added per worker (thousands € per employed) ![]() Graph 4.4.7: Product Market Regulation index for re tail and professional services (a lower value indicates lighter regulation) Graph 4.4.6: Ease of doing business ranking (a higher ranking denotes worse performance) Graph 4.4.5: Economy-wide Product Market Regulation index (a lower value indicates lighter regulation) Graph 4.4.4: Share of high growth enterprises Graph 4.4.3: Competitiveness and dynamics of Greek export markets and Greece’s export market shares of goods. Graph 4.4.2: Trade openness and Greek goods and service exports by destination in % of GDP Graph 4.4.1: Investment as a percentage of GDP Graph 4.3.3: Proportion of population at risk of poverty or social exclusion per age groups, 2005-2018 ![]() COMMISSION STAFF WORKING DOCUMENT Country Report Greece 2020 Accompanying the document COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE EUROPEAN COUNCIL, THE COUNCIL, THE EUROPEAN CENTRAL BANK AND THE EUROGROUP 2020 European Semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011
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