2011 OECD Economic Surveys: Greece 2011

image of OECD Economic Surveys: Greece 2011

This 2011 edition of OECD's periodic survey of the Greek economy includes chapters covering fiscal sustainability, structural fiscal reforms, and labour and product market reforms.


Assessment and recommendations

Greece has embarked on an ambitious adjustment programme with financial support from EU/IMF/ECB (Troika), and, as announced on 21 July 2011, with participation of Greece’s private creditors. Measures are needed to reverse the debt build-up, to restore competitiveness, reignite sustainable growth based on investment and exports, and to regain access to international capital markets. In 2009, the fiscal deficit had ballooned to over 15% of GDP reflecting uncontained spending, a collapse in tax revenues and the onset of a recession, while public debt reached 140% of GDP in 2010. In addition to fiscal imbalances, external imbalances also widened and total net foreign debt, both public and private, rose to 105% of GDP in 2010.The dire economic situation was magnified by lost credibility as serious deficiencies in statistical monitoring of government accounts were exposed.


This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error