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2016 OECD Economic Surveys: Greece 2016

image of OECD Economic Surveys: Greece 2016

This 2016 OECD Economic Survey of Greece examines recent economic developments, policies and prospects. The special chapters cover: Structural reforms for inclusive growth and Boosting exports.

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How to boost export performance

This chapter analyses the structure of Greek exports and presents policy recommendations to boost export performance. Despite recent improvements, export performance deteriorated in the last decade particularly in the service sector. The decline in unit labour costs since the beginning of the crisis has restored cost competitiveness, but the response of exports has been sluggish due to severe liquidity constraints of exporters, lack of investment in export industries and in part because prices did not adjust as fast. Greece is dominated by SMEs and specialised in low-technology goods which makes it difficult to be well integrated into global value chains. Structural problems in product markets, barriers to exporting, access to finance and administrative burden affect competitiveness and impede export performance. Boosting investment in infrastructure and logistics, further liberalising the network industries, improving investment in human and knowledge-based capital to allow upgrading in the GVCs will be essential to enhance export performance.

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