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GreeceBusinessBoG governor: Next gov't needs to improve economy's competitive ability, return to...

BoG governor: Next gov’t needs to improve economy’s competitive ability, return to primary surpluses

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The next government’s primary obligation is to improve competitive ability and productivity of the economy, and to return to primary surpluses, Bank of Greece Governor Yannis Stournaras said on Tuesday.

Speaking at the Hellenic Institute of Internal Auditors during its “2nd Banking Forum: Internal Audit, Risk Management & Compliance: Three voices – Two lines – One mission!”, Stournaras said the two prerequisites for Greece to achieve and maintain investment-grade rating are the following:

a) Implementation of a reforms program that will improve structural competitive ability and increase the entire productivity of the economy, and

b) return to primary, structural fiscal surpluses reaching 2% of GDP.

Stournaras also warned that despite the progress of the Greek economy in several sectors over the last few years, the Greek economy continues to be plagued by chronic structural problems, resulting in relatively low indexes of structural competitive ability.

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The copyrights for these articles are owned by the Hellenic News of America. They may not be redistributed without the permission of the owner. The opinions expressed by our authors do not necessarily reflect the opinions of the Hellenic News of America and its representatives.

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