优化资源配置以促进希腊经济增长（英）2025

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The productivity growth of the Greek economy has stagnated since the 2010 European Debt Crisis, with resource misallocation worsening particularly in non-tradable services and smaller firms [5][9][12] - Despite reforms in product market regulations, the impact on overall productivity has been mixed, indicating a need for accelerated regulatory reforms to enhance competition and business dynamism [9][31][32] Summary by Sections A. Background - Total factor productivity (TFP) in Greece has continued to decline since the European Debt Crisis, with a 9.7 percent growth in the euro area during the same period [10] - Resource misallocation has been identified as a significant issue, particularly affecting smaller firms and non-tradable service sectors [9][12] B. Resource Misallocation Analysis - Firm-level data from 2009 to 2020 indicates that resource misallocation has worsened, with significant disparities in marginal productivity across firms [19][22][23] - The analysis shows that resource misallocation has cost the Greek economy approximately 3 percent of market-economy-sector GDP annually between 2009 and 2020 [27] - Young firms, while more productive, have not expanded sufficiently to improve overall productivity due to constraints such as limited access to bank credit [29] C. Policy Recommendations - Accelerating regulatory reforms is crucial to improve resource allocation, especially in non-tradable service sectors [32] - The report suggests that labor market and capital market reforms can facilitate the growth of small and young firms, addressing issues such as low labor force participation and high non-performing loans [36] - It emphasizes the need for a systemic evaluation of existing regulations to reduce unnecessary costs and enhance competition [31][35]