Growth strategy focuses on recovery of incomes, report says

A recovery of incomes is the basic principle of the government’s Growth Strategy and a necessary condition to boost demand, raise investments and the recovery of the economy. A demand for “Fair Growth” is a strategic choice and achieving this requires more than just economic growth “by any means” but growth on terms of long-term sustainability, capable of massively boosting employment and significantly reducing unemployment, which is based on competitive, export-oriented, added-value goods, the Economy and Development ministry said in a report on Economic Developments.

The report focused on the government’s Holistic Development Plan, which balances economic, social and environmental aspects of growth, fully compatible with Sustainable Growth Targets set by the United Nations in 2015.

With the completion of an adjustment programme ending in August 21, the need to move the Greek economy back on a course of sustainable growth – based on sustainability, guarantee of labour right and respect of European social standards – is necessary, the report said, adding that a Holistic Development Strategy lay the foundations for transforming the economy and establishing a new production model focusing on structural competitiveness, social justice, protection of the environment and the country’s natural resources.

The Greek government is moving towards reducing a deficit in productivity and raising the country’s international competitiveness based on three pylons: a) creating and modernising of transport-energy-telecommunication networks, b) improving structural characteristics of Greek enterprises and c) a sectoral re-orientation of production.

The Strategy also envisages measures to combat inequality among the country’s regions and reduce imbalances with weaker social groups, initiatives to support public health, education and social insurance, raise the minimum wage, restore the basic principles of collective labour negotiations and measures to boost employment and combat unemployment.