BoG governor Yannis Stournaras sees opportunity for necessary reforms

The Greek economy continues to have competition distortions in some markets and there is significant room to free its dynamism, Bank of Greece governor Yannis Stournaras said on Wednesday.

Addressing an event organized by the Federation of Hellenic Label Product Industries, the central banker said that structural competitiveness of the Greek economy improved in 2013-2014 (based on a series of indexes compiled by the OECD, World Bank and the World Economic Forum), but shows signs of a standstill or even slowdown lately. According to the Ease of Doing Business index of the World Bank, the country’s position in the global list fell to 61st place, from 58th, among 190 countries. The World Economic Forum in its World Competitiveness Index said that Greece fell to the 86th place in 2016 from 81st in 2015, while according to the IMD’s competitiveness performance table, Greece fell six positions to 56th among 61 countries. Stournaras underlined that the current situation was an opportunity to implement the necessary reforms as the first signs of economic recovery were visible, a change compared with the previous period when an unstable economic environment and shrinking domestic demand did not allow significant reforms made to show their real benefits to consumers, enterprises and markets.