Poor skills severely reduce a person’s chance of a better-paying and more-rewarding job, and have a major impact on how the benefits of economic growth are shared within societies. In countries where large shares of adults have poor skills, it is difficult to introduce productivity-enhancing technologies and new ways of working, which stalls improvements in living standards, according to a new OECD report.
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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This note presents selected findings based on the set of well-being indicators published in How's Life? 2016.
The answer to the question "how's life?" depends on where you live. The factors that determine well-being can vary dramatically across the same country so national averages may not provide the full picture. See our regional indicators to see exactly how life is being lived.
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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Between 2009 and 2013, public spending on health fell by EUR 5.2 billion – representing a 32% drop in real-terms. This reduction clearly represents a shock for the system to adsorb, even though it is clear that there were inefficiencies in the Greek system (for example, inappropriate prescribing, weak primary care, imbalances in the mix of health professionals).
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In the last 25 years Greece turned from an emigration to an immigration country. Today the country is faced with an unprecedented humanitarian crisis with the arrival of close to 950,000 people between January 2015 and February 2016.
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The state continues to exercise considerable influence on the Greek economy. According to the OECD’s Product Market Regulation indicator, Greece has one of the highest degrees of state control in the productive sectors across OECD countries.
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Public health spending in Greece fell by a third in real-terms between 2009 and 2013, with severe cuts across the board and changes to entitlement, benefits and user charges.
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PISA results show that Greece is not equipping its young people with the basic skills they need to compete in today’s world economy.