The deeper is­sues

Kathimerini English - - Front Page -

The pos­i­tive growth fig­ures that Greece has been post­ing over the past few months are largely due to a suc­cess­ful year in tourism and all signs point to another ex­cel­lent year for the sec­tor in 2015. Given the size of tourism’s con­tri­bu­tion to the Greek econ­omy, we have a duty to pro­tect this sec­tor and en­sure that po­lit­i­cal de­vel­op­ments on the do­mes­tic front are not al­lowed to up­set this suc­cess­ful tra­jec­tory. One wor­ry­ing thing that we need to con­sider, how­ever, is that pro­duc­tion re­mains in the dol­drums and ex­ports are still in a pro­tracted slump. It is a sim­ple truth that no coun­try can ex­pect to re­bound and get back on the path of growth un­less it re­duces its trade deficit. This was one of the chief goals set out in Greece’s loan agree­ment with its for­eign cred­i­tors, but un­for­tu­nately it has not been achieved. We need to ex­am­ine why the coun­try has failed on this front and face the deeper is­sues that are keep­ing Greece’s pro­duc­tion po­ten­tial stuck in a quag­mire.

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