Weak productivity compounded the effect of the crisis on output. The full implementation of structural reforms will boost productivity and inclusive growth. Productivity growth will also be boosted by easing the regulatory burden and barriers to competition further, especially in network industries and protected professions.
- Further reduce regulatory procedures and administrative burdens on start-ups.
- Ease regulations in network industries and strengthen the capacity and independence of regulators.
- Reduce restrictions to competition in sectors such as manufacturing, construction and wholesale trade.
- Improve the quality and efficiency of the education system.
Source: OECD May 2017 Economic Outlook database
Ioannis Voutsinas and Constantinos Tsamadias (2014), "Does research and development capital affect total factor productivity? Evidence from Greece", Economics of Innovation and New Technology, 23:7, 631-651.
Nikos Benos and Stelios Karagiannis (2016), "Do education quality and spillovers matter? Evidence on human capital and productivity in Greece", Economic Modelling, Vol. 54, pp. 563-573.
Productivity - enhancing institutions
There is no single institution dedicated to productivity in Greece. The Hellenic Competition Commission and the Ministry of Economy, Development and Tourism, among others institutions, provide analysis on productivity issues.