OECD: Greeks are using their bank savings

Economy
Sun, 7 May 2023 5:31 GMT
The fact that consumption in Greece is robust, despite stable salaries and high prices, means that Greeks are using their savings, notes Organization for Economic Cooperation and Development (OECD) Senior Economist Tim Bulman.
OECD: Greeks are using their bank savings

The fact that consumption in Greece is robust, despite stable salaries and high prices, means that Greeks are using their savings, notes Organization for Economic Cooperation and Development (OECD) Senior Economist Tim Bulman.

Speaking to Kathimerini, he sees a high level of concentration in the Greek market, even though it is dominated by very small businesses, and refers to the Competition Commission, which he describes as a useful tool.

He considers it important for Greece to send a message to investors that the election cycle will not affect its economic course and sees a window of opportunity for the debt through the locked interest rates, if the Greek state maintains primary surpluses of 1.5% of gross domestic product in the coming years.

According to the OECD, prices in Greece are converging with the eurozone average and salaries should now follow, through productivity growth.

On justice, he considers it key that cases often close before they end up in court, through mediation procedures, while the National Health System is a question of organization and administration rather than financing.

kathimerini

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