ECONOMY

OECD proposals for recovery

Organization offers Greece detailed list of reforms required for its post-pandemic rebound

oecd-proposals-for-recovery

Greece must boost its investments and reforms in the post-pandemic period, the Organization for Economic Cooperation and Development (OECD) stresses in its “Going for Growth” report released on Wednesday.

In its country notes on Greece, the organization argues that despite the progress recorded in the digitalization of the public administration system, the low quality of the legal framework and the slow pace of justice distort the business environment.

The report makes the following recommendations to Greece:

– Accelerate the codification of existing laws and regulations.

– Improve judicial efficiency through more training and using courts’ performance indicators.

– Pursue the ongoing digitalization of public administration.

– Better communicate the availability and benefits of alternative dispute resolution mechanisms.

– Urgently implement a strategy to address the deferred tax credits and bad loans that will remain on banks’ balance sheets after the Hercules nonperforming loan disposal scheme is complete.

– Implement the unified insolvency framework, and ensure a better balance between the rights of creditors and debtors and accelerated enforcement of collateral.

– Boost public investment to support growth and environmental sustainability, including in public transport, innovation and waste management, based on cost-benefit analysis.

– Train staff in payment processes, including at the local level.

– Employ more specialized counselors and profiling tools in public employment services to significantly improve job search and training support, linking them better with private job-search agencies.

– Develop a voucher system that allows jobseekers to select their preferred intermediary for active labor market policies.

– Encourage tertiary education institutions to develop courses adapted to mature students’ professional needs and practical circumstances.

– Move teachers onto longer-term contracts that support and reward performance.

– Provide broader management autonomy to tertiary education institutions.