Saturday, March 19, 2016

OECD Economic Surveys Greece

Following a deep and prolonged depression,during which real GDP fell by 26%, the economy is
projected to grow again in the course of 2016and 2017, but a full recovery will take time.
Competitiveness has improved markedly, butexports and investment remain weak. The
unemployment rate, at 25%, is still high despite a moderate decline since 2013. The depression has
pushed many people into poverty and incomeinequality has increased. Tax and benefit reforms
have materially improved the budget position, but the burden of adjustment has been uneven and
public debt is still very high. The banking sector has recently been recapitalised, but credit
creation remains weak due to the high burden of non-performing loans on banks’ balance sheets,
and reduced demand for loans
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