Out of the abyss: Has Greece fully recovered from the crisis?

In this paper we examine Greece’s progress since the peak of its crisis in 2015 in ten different socioeconomic dimensions vis à vis its EU peers. We divide the ten topics into three broad categories: individual wellbeing, public institutions and services, and long-term development areas. Using descriptive statistics within a comparative benchmarking framework, we draw several conclusions. First, Greeks are in general richer, happier and more confident than they were ten years ago, although certain gaps remain compared with their pre-crisis levels and the EU average. Second, our analysis shows that progress in public institutions has been mixed. While public finances and debt profile have improved dramatically in the past decade, for many households the impact has been only modest, contributing to a notable gap between business and consumer confidence. At the same time, health and education outcomes show a mixed picture, and public governance is still facing challenges. Third, we identify advances in inclusive human capital, financial resilience, the green agenda and digitalisation, though there is still room for further improvement. Our overall conclusion is that Greece has largely recovered from the peak of its crisis, but longer-term convergence with its EU peers will depend on sustained reform efforts.