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The Greek Private Sector Remains Full of Untapped Potential

Author

Listed:
  • Alexander S. Kritikos
  • Lars Handrich
  • Anselm Mattes

Abstract

Private businesses’ nominal value added in Greece has fallen by 38 percent over the last ten years. Micro firms were hit particularly hard. Despite efforts to stabilize the macroeconomic environment, there are only weak signs of recovery. Future prospects are not much better, as—with the exception of labor market regulations—the conditions for investments and business activities have not been sufficiently changed through eight years of reform process. Fundamental issues— excessive red tape, bulky administrative procedures, slow courts, complicated taxes, and an inefficient knowledge transfer— remain unaddressed. Greece cannot achieve its urgently needed strong and sustainable economic growth without these reforms. When the third economic adjustment program for Greece ends in August, so will external reform pressure. It remains an open question whether the government—current or future—will feel compelled to complete and implement the pending reforms.

Suggested Citation

  • Alexander S. Kritikos & Lars Handrich & Anselm Mattes, 2018. "The Greek Private Sector Remains Full of Untapped Potential," DIW Weekly Report, DIW Berlin, German Institute for Economic Research, vol. 8(29), pages 263-272.
  • Handle: RePEc:diw:diwdwr:dwr8-29-1
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    File URL: https://www.diw.de/documents/publikationen/73/diw_01.c.594742.de/dwr-18-29-1.pdf
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    Citations

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    Cited by:

    1. Ioannis Giotopoulos & Alexander S. Kritikos & Aggelos Tsakanikas, 2023. "A lasting crisis affects R&D decisions of smaller firms: the Greek experience," The Journal of Technology Transfer, Springer, vol. 48(4), pages 1161-1175, August.
    2. Cyrille Lenoël & Corrado Macchiarelli & Garry Young, 2022. "Greece 2010-18: What could we have done differently?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 172, Hellenic Observatory, LSE.

    More about this item

    Keywords

    Greece; growth strategy; innovation; regulatory environment; SME; economic structure;
    All these keywords.

    JEL classification:

    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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