Greek Growth Recovering

After significant reforms, Greece’s recovery from deep economic depression is finally gaining traction, according to the OECD. Economic growth is picking up led by exports. Labor market reforms have improved competitiveness and are helping to create long-awaited jobs, Modern Diplomacy reported. GDP growth is projected to strengthen, remaining above 2% in 2018 and 2019. In its latest Economic Survey of Greece, the OECD recognizes the remarkable reform effort of the past two years. The study highlights that the credibility of public finances has markedly strengthened, after an unprecedented fiscal consolidation, boosting investors’ confidence in the country’s prospects. Despite these positive developments, unemployment, poverty and inequality remain high, wages are low, investment remains depressed and productivity keeps falling. Presenting the survey in Athens, with the Greek Prime Minister Alexis Tsipras, OECD Secretary-General, Angel Gurria said: “The reforms undertaken by Greece have finally started to bear fruit. It is an impressive achievement. With strengthened public finances and a much improved macroeconomic framework, addressing poverty and raising living standards is a priority.”