BUSINESS

Fiscal balance requires growth

Despite the stability which has been achieved on the fiscal front in Greece and in the country’s current accounts, the risk that the economy will fail to secure sustainable and robust growth rates remains, according to a study on the reforms that have not been implemented.

The report, compiled by the Foundation for Economic and Industrial Research (IOBE) and the Boston Consulting Group (BCG), which was presented on Tuesday in Athens, argued that a strong potential for substantial reforms has not been consolidated in Greece.

IOBE general director Nikos Vettas stressed that the economy’s competitiveness has improved by «taking the easy way, not the hard and long road,» in recent years, pointing to the decline in labor costs and the reduction of the trade deficit via sliding imports.

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