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Greek economy experienced productivity decline and employment shift, Michael Pettis notes

Greek economy experienced productivity decline and employment shift, Michael Pettis notes
Greece sees drop in labor productivity

The Greek economy experienced a sharp decline in labor productivity along with a significant shift in employment toward low-productivity sectors, rather than the promised improvement expected from bailout reforms.

Michael Pettis, economist and professor of finance, highlighted these outcomes in his recent assessment.

Pettis has previously flagged risks in other economies, including China. He reported that China reduced its total number of banks by nearly a quarter after more than 670 closures last year, according to his review of the country’s banking sector. Pettis has also emphasized that China’s increasing debt is constraining the government’s ability to introduce broad new economic stimulus measures, as noted in his analysis of China’s fiscal limits.

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