Greece

This edition of OECD's periodic survey of Greece examines recent economic performance and key challenges including fiscal consolidation, reform of pensions, easing entry into the labour market, improving tertiary education, and fostering competition in network industries.

Executive Summary Chapter 1. Recent Performance and Key Challenges -The GDP Revision and Growth Performance over the Last Decade -Recent Macroeconomic Performance and Short-Term Prospects -The Scope for Improving Labour Utilisation -The Scope for Improving Productivity Performance -Shrinking the Informal Economy -Annex: Progress in Structural Reform Chapter 2. The Gains from Fiscal Consolidation -Recent Fiscal Developments -The Government's Medium-Term Objectives -Further Budget Consolidation Can Be Achieved on the Expenditure Side -Improving Revenue Collection and the Tax Base -The Costs of Delaying Fiscal Reform -Annex: Reforming the Health Care System -Annex: The Model Used to Generate Fiscal Simulations Chapter 3. Pensions: A Comprehensive Reform is Urgently Required -The Pension System is Highly Fragmented -The Pension System is a Fiscal Time Bomb -The Employment Rate of Older Workers Has Remained Low -The Main Pension System for Employees (IKA) Provides Strong Incentives to Retire Early -The Main Pension System for Self-Employed -Poverty in Old Age is Relatively High -There are Large Potential Gains to Labour Force Participation from Pension Reform -Encouraging the Development of Private Pensions -Annex: Pension Expenditure Projections Chapter 4. Easing Entry into the Labour Market -Recent Labour Market Performance -Minimum Wages Hamper Entry into the Labour Market -Strict Employment Legislation Impedes Labour Turnover -More Active Labour Market Measures Can Also Help -Annex: Measures of the Minimum Wage Chapter 5. Improving Tertiary Education -The Determinants of Tertiary Education Investment -The University Reform Goes in the Right Direction, but is Too Modest -The Benefits of Ambitious Reforms -Summary and Conclusions Chapter 6. Fostering Competition in Network Industries -There is Much Scope for Improving Competition in the Network Industries -Progress in Reforming and Privatising Public Enterprises -Introducing More Competition in Network Industries Glossary