The president of the Council of Economic Advisers Panos Tsakloglou presented the “Greece 2021” plan regarding growth at the Euro Working Group that took place on Thursday and which approved the 6.3 billion euro loan installment to Greece.
With Eurostat having confirmed the primary surplus, Mr. Tsakloglou has requested that the Eurogroup decision from the 27th of November 2012 come into play, namely that a new debt relief be discussed. One of the Greek government’s goals is to gradually reduce taxes, in conjunction with the improvement of finances.
According to the “Greece 2021” plan, the Greek economy is to undergo a series of gradual changes, which will aim to support investments over consumption, increase employment and exports, while creating stronger ties with the Eurozone.
The 9 main growth areas are tourism, primary production and manufacturing of agricultural products, energy, shipping and transport, research and development, pharmaceuticals, minerals and construction materials, shipping and other commercial services.
To that end, the Greek government has planned a series of reforms and policies, with an emphasis on improving fiscal divs, creating a safe and enticing environment for investments, curbing corruption, taking advantage of public property, facilitating international trade, streamlining tax policy, promoting innovation, reforming public administration and services, investing in human resources and supporting social cohesion.
Mr. Tsakloglou stressed that these reforms necessitate considerable available resources and that attracting private investments, particularly from abroad, is paramount. Resources will in turn be made available to small and medium-sized businesses, via the Institution for Growth which was recently set up with the support of the German KfW investment fund.
