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Economy


  • 17-November-2020

    English

    The impact of COVID-19 on SME financing - A special edition of the OECD Financing SMEs and Entrepreneurs Scoreboard

    The COVID-19 crisis has had a profound impact on SME access to finance. In particular, the sudden drop in revenues created acute liquidity shortages, threatening the survival of many viable businesses. The report documents an increase in demand for bank lending in the first half of 2020, and a steady supply of credit thanks to government interventions. On the other hand, other sources of finance declined, in particular early-stage equity. This paper, a special edition of Financing SMEs and Entrepreneurs, focuses on the impacts of COVID-19 on SME access to finance, along with government policy responses. It reveals that the pre-crisis financing environment was broadly favourable for SMEs and entrepreneurs, who benefited from low interest rates, loose credit standards and an increasingly diverse offer of financing instruments. It documents the unprecedented scope and scale of the policy responses undertaken by governments world-wide, and details their key characteristics, and outlines the principal issues and policy challenges for the next phases of the pandemic, such as the over-indebtedness of SMEs and the need to continue to foster a diverse range of financing instruments for SMEs.
  • 8-October-2020

    English

    Rejuvenating Greece’s labour market to generate more and higher-quality jobs

    Greece’s labour market entered the COVID-19 shock following several years of sustained employment growth and with wages picking up. Unemployment remained high and employment rates were low, especially among women, the young and older workers. The shock led to a sharp fall in labour force activity and has stalled new hiring. The improved social protection and temporary support measures have helped to support households’ incomes and protect jobs during the COVID-19 crisis. However, high tax and social security contribution rates, together with little in-work support for the low-paid, continue abetting high structural informality. This heightens insecurity – by excluding many workers from activation policies or social and employment protection – and weakens productivity. Boosting the capacity of employment services and activation policies would support the recovery from the COVID-19 shock, in addition to durably improving employment prospects especially of long-term unemployed. Giving workplaces further flexibility to adapt collective agreements to specific circumstances would help align wage growth with productivity developments and help businesses to weather the COVID-19 shock. Building on the population’s solid education levels by equipping workers with the skills needed by the labour market can support employment and incomes. This will require a substantial boost to professional education and training at all levels and ages. This chapter applies the 2018 OECD Jobs Strategy to Greece to identify reforms that can help to overcome the COVID-19 crisis and create a virtuous cycle between productivity, job creation, and well-being.
  • 17-September-2018

    English

    Boosting investment in Greece

    Aggregate investment has declined markedly over the crisis and has yet to recover. Reviving domestic and foreign investment is crucial to supporting the economic recovery, deepen Greece’s integration into global value chains and raising living standards.

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  • 17-September-2018

    English

    Generating employment, raising incomes and addressing poverty in Greece

    Employment is pivotal to strengthening Greece’s economic recovery, increasing social welfare and redressing poverty.

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  • 30-April-2018

    English

    The Greek economy is recovering. Improving debt sustainability, tackling poverty and boosting investment are vital to sustaining the positive momentum.

    Greece’s recovery from deep economic depression is finally gaining traction, according to the OECD. Economic growth has started to pick up led by a rise in exports while labour market reforms have improved competitiveness and are helping to create jobs.

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  • 30-April-2018

    English

    Launch of the Economic Survey of Greece

    I am delighted to be back in Athens to launch the 2018 OECD Economic Survey of Greece. I would like to thank you Prime Minister for hosting us and for your government’s support throughout the preparation of this Survey, particularly the hands-on approach of Finance Minister, Euclid Tsakalotos, and Alternate Finance Minister, George Chouliarakis.

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  • 30-April-2018

    English

    Economic Survey of Greece 2018

    Greece’s economic recovery is finally gaining traction after an unprecedented depression. GDP has started to recover after having fallen by a quarter from 2008 to 2016. In the last two years, the pace of reforms has accelerated and broadened.

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  • 27-April-2018

    English

    Mr. Angel Gurría, Secretary-General of the OECD, in Athens on Monday 30 April 2018

    Mr. Angel Gurría, Secretary-General of the OECD, will be in Athens on Monday 30 April 2018 to present the 2018 OECD Economic Survey of Greece, alongside Mr. Alexis Tsipras, Prime Minister of Greece.

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  • 7-November-2016

    English

    Boosting competition will help Greece’s consumers and businesses

    Lifting many of the regulations stifling business competition in Greece would benefit both consumers, through lower prices, and firms, via higher turnover, according to the OECD.

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  • 7-September-2016

    English

    Enhancing Greek exports is key to jobs and growth

    With weak domestic demand and a relatively low export share in the economy there is much potential to raise exports. Despite a recent pick-up Greek export performance deteriorated in the last decade particularly in the service sector and by much more than in the Euro area on average

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