By OECD Organisation for Economic Co-operation and Development
OECD's periodic evaluate of Greece's economy. This 2009 variation examines how good Greece is weathering the industrial crisis. It additionally seems to be at the right way to carry Greece's public funds directly to a sustainable direction, tips on how to enhance the functionality of the general public wellbeing and fitness care procedure, and the way to elevate schooling results. Greece has weathered the industrial main issue particularly good, yet placing public financing on a sustainable course would require strengthening tax management and tighter expenditure administration. Greek health and wellbeing results evaluate favorably with the OECD usual however the procedure is obvious as no longer operating good by means of the population. Greece's academic symptoms lag at the back of these of different OECD nations and OECD makes wide-ranging techniques during this report.Table of content material :Executive Summary-Assessment and proposals bankruptcy 1. Weathering the foreign Crisis-STRONG-Although weakened, the Greek financial system has stood up particularly good to the preliminary impacct of the crisis-Greece is, even though, not likely to prevent a recession-How may still financial coverage react?-Is the Greek monetary quarter good armed to stand the industrial and monetary crisis?-The gurus may still supply precedence to reforming the general public sector-Structural reforms on labour and items markets needs to be pursued-Annex 1.A1. growth in structural reformSTRONG bankruptcy 2. improving financial Viability/STRONG-Enhance profit functionality with a unique specialise in taxation-Achieving a greater contorl of fundamental expenditure-The projected surge in pension spending threatens the steadiness of public financesBRChapter three. bettering the functionality of the general public health and wellbeing care systemSTRONG-Performance and major challenges-The company of the healthiness care procedure impairs its efficiency-The caliber and potency of public health and wellbeing care providers must be improved-Conclusions and recommendationsAnnex 3.A1. facts envelopment research Anenx 3.A2. a brand new mechanisms for tracking prescriptions for drugs-Chapter four. elevating schooling OutcomesSTRONG-An review of the schooling system-Education outcomes-How to enhance the functionality of the schooling approach?
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Additional resources for OECD Economic Surveys: Greece 2009
1787/685247872160 Source: OECD (2009), OECD Economic Outlook 85 database. 2. 7 Source: OECD Economic Outlook database. Repeated fiscal slippages over the years have hampered fiscal consolidation. 3). Over this period, successive Stability and Growth Programmes (SGPs) targeted an average reduction of the deficit by 1¼ per cent of GDP, but almost no progress was actually recorded. These repeated slippages cannot be attributed, in general, to optimistic macroeconomic projections, although the weaker-than-expected growth contributed somewhat in 2008.
Private consumption could also be strengthened by the government’s programme adopted in June 2009 to subsidise the cost for households of replacing old air-conditioning units with more energy-efficient ones. In 2010, recovery is likely to be only gradual, with GDP rising by ¼ per cent on average over the year. The continuing erosion of international competitiveness induced by the persistent inflation gap vis-à-vis the euro zone and by higher unit labour costs could prevent Greece from taking full advantage of a global recovery.
The rise of sovereign spreads appears more affected in Ireland than Greece by the expected fiscal balance worsening over the coming five years and the illiquidity of the government bond market. However, Greece is more penalised by its high level of government debt, and its poor long-term budgetary outlook OECD ECONOMIC SURVEYS: GREECE – ISBN 978-92-64-05427-1 – © OECD 2009 31 1. 2% of GDP in 2010. This implied a restrictive fiscal policy in both years, with a cumulative improvement in the structural deficit of around 2% of GDP.
OECD Economic Surveys: Greece 2009 by OECD Organisation for Economic Co-operation and Development