OECD urges massive deregulation of Greek economy
The Organisation for Economic Co-operation and Development (OECD) has called for Greece to abolish a slew of outdated regulations which are holding back growth.
The OECD recommends that 550 regulations with regard to retail, tourism and the food processing industry among others, should be scrapped. The industries identified as being in need of deregulation could generate as much as €5.2bn (£3.2bn) in extra activity, should the OECD's reforms be implemented.
The OECD'S economic survey of Greece found that:
Although administrative burdens have been already somewhat reduced, remaining product market impediments continue to hinder further improvements in price competitiveness, and further reallocation of resources towards exports is needed.
Burdensome licensing laws and price restrictions were among the host of measures cited as hindering progress.
Responding to the findings, minister for development, Kostis Hatzidakis, said:
It is true that our economy has been plagued by bureaucracy, protectionism and market distortions for a long time.