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How do digital technologies drive Greece's economic growth? Opportunities and challenges

Author

Listed:
  • Maria Albani

    (Bank of Greece)

  • Sofia Anyfantaki

    (Bank of Greece)

  • Sophia Lazaretou

    (Bank of Greece)

Abstract

Digital transformation is a driver of economic growth by improving labour productivity, increasing competitiveness and exploiting the potential of e-commerce. Digital revolution is “a game changer” as it reshapes the way production, distribution and consumption are organised within firms and across industries and markets, thus making traditional production models obsolete. By leveraging its human capital stock, Greece can catch up with the other EU-28 countries and gain multiple advantages from digital technologies, such as higher total factor productivity, enhanced competitiveness and increased extroversion. The end result will be sustainable growth. This paper aims to present the digital performance of the Greek economy and society and discusses how digital technologies can contribute to Greece’s economic growth, with a particular focus on jobs, skills and the learning ecosystem. Given that FinTech is a driver of financial sector development, we also explore the implications of digitalisation for the Greek financial system. To this end, specific policy recommendations covering five policy areas are set out with a view to harnessing the emerging opportunities and ensuring that the benefits are shared by all.

Suggested Citation

  • Maria Albani & Sofia Anyfantaki & Sophia Lazaretou, 2019. "How do digital technologies drive Greece's economic growth? Opportunities and challenges," Economic Bulletin, Bank of Greece, issue 49, pages 75-92, July.
    • Handle: RePEc:bog:econbl:y:2019:i:49:p:75-92
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    File URL: https://www.bankofgreece.gr/BogEkdoseis/econbull201907.pdf
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    Citations

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    Cited by:

    1. Theodora Kosma & Pavlos Petroulas & Evangelia Vourvachaki, 2020. "What drives wage differentials in Greece: workplaces or workers?," Economic Bulletin, Bank of Greece, issue 52, pages 69-72, December.
    2. Consolo, Agostino & Cette, Gilbert & Bergeaud, Antonin & Labhard, Vincent & Osbat, Chiara & Kosekova, Stanimira & Anyfantaki, Sofia & Basso, Gaetano & Basso, Henrique & Bobeica, Elena & Ciapanna, Eman, 2021. "Digitalisation: channels, impacts and implications for monetary policy in the euro area," Occasional Paper Series 266, European Central Bank.
    3. Nikos Vettas & Konstantinos Peppas & Sophia Stavraki & Michail Vasileiadis, 2020. "The contribution of Industry to the Greek economy: facts and prospects," Economic Bulletin, Bank of Greece, issue 52, pages 29-67, December.
    4. Ioannis Asimakopoulos & Athanasios P. Fassas & Dimitris Malliaropulos, 2020. "Does earnings quality matter? Evidence from the Athens Exchange," Economic Bulletin, Bank of Greece, issue 52, pages 93-112, December.
    5. Constantina Backinezos & Stelios Panagiotou & Evangelia Vourvachaki, 2020. "Multiplier effects by sector: an input-output analysis of the Greek economy," Economic Bulletin, Bank of Greece, issue 52, pages 7-28, December.

    More about this item

    Keywords

    4IR; digital technology and growth; education and skills; FinTech; Greece;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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