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Table of contents; Basic statistics of Greece, 2014; Acronyms; Executive summary; The economy is gradually recovering from a deep recession but high social costs persist; Real GDP and unemployment rate; Significant structural reforms have been legislated, but their mix and implementation were uneven...

Figure 1. Unsustainable macroeconomic imbalances built up during the 2000sFigure 2. Well-being in Greece is significantly below the OECD average in several dimensions; Figure 3. Life satisfaction has declined significantly since the beginning of the crisis; Figure 4. The social cost of the crisis ha...

Strong exports and investment are the keys to sustained recoveryFigure 7. Trade openness is low compared to OECD countries; Figure 8. Participation in global value chains is weak; Figure 9. Export performance has been weak, but export growth excluding shipping has been in line with euro area exports...

Strengthening fiscal policy is crucial for a sustained and inclusive recoveryFiscal consolidation has been very large, but is set to slow; Figure 14. Fiscal consolidation has been large; Figure 15. The pace of fiscal consolidation is projected to slow; Strengthening the social safety net; Figure 16....

Figure 18. Pension reforms have improved the system's long-term sustainabilityFigure 19. Public expenditure on pensions remains very high; Fighting tax evasion to increase fairness and raise revenue; Figure 20. Strengthening the tax administration would increase compliance; Stronger fiscal instituti...

Figure 23. Non-performing loans increased significantly during the crisis