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Greece Economic Snapshot

Economic Forecast Summary (May 2021)

Greece’s economy is projected to grow by 3.8% in 2021 and 5.0% in 2022. The easing of travel restrictions is expected to support services activity and exports. The importance of tourism makes Greece’s outlook especially reliant on successful vaccination campaigns globally. Rising disbursements of Greece’s substantial EU-funded Recovery and Resilience Plan will support investment in 2021 and 2022, if recent reforms succeed in encouraging swifter and higher-quality public capital spending and if businesses productively make use of the Plan’s financing facilities.

Priorities (April 2021)

Going for Growth 2021 - Greece

The COVID-19 crisis adds urgency to addressing Greece’s long-standing challenge of boosting investment and productivity to diversify the economy and improve job creation. Despite continued progress in reform efforts, such as digitalising the public administration, red tape, low-quality regulations, and a slow justice system mar the business environment. Coupled with significant gaps in the workforce’s skills, these inhibit firm growth and discourage innovation and investment.

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2021 Structural Reform Priorities

  • Improve investment climate: Enhance efficiency and effectiveness of public administration and the legal system
  • Financial system and investment: Restore banks’ health and improve the execution of the public investment budget
  • Labour market: Strengthen active labour market programmes
  • Education and skills: Improve the quality of childhood education, schools and tertiary education
  • Social protection: Modernise programmes, targeting and administration

 

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Economic Survey of Greece 2020

Executive Summary

Presentation