Page 21 - COMPASS - COMPETITIVENESS REPORT 2021 | COUNCIL OF COMPETITIVENESS IN GREECE

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ASSESSMENT OF CURRENT STATE

OF AFFAIRS AND TRENDS

Per the analysis of the indices and elaboration with competent stakeholders, there is a trend for improvement in the Innovation
& Technology, Resources & Infrastructure, and Institutions & the Economy pillars. At the same time, the enhanced climate of
trust that has been achieved by the Government’s coordinated moves sets out the conditions to strengthen the competitiveness
of the Greek economy.

According to the indices at hand, Greece performs well in research production while,
on the other hand, there is a disconnect between research outcomes and the business
environment. The combined absence of an “innovation ecosystem” to connect businesses
to applied research, and the low penetration and adoption of innovations and new
INNOVATION & technologies by businesses present a significant challenge.
TECHNOLOGY
Recent developments – such as foreign company investments in contemporary
technologies – have indicated potential for growth in this pillar. Policies and actions
that would showcase the country's strengths on a local level can favourably affect and
contribute to developing the country's future competitiveness.

Similarly to the Business Environment pillar, there were no available data for most
indices of the Institutions and the Economy pillar. Despite this, it is worth mentioning
that Greece’s exit from a prolonged recession, political stability, and extroversion have
resulted in improvements to the country’s economy and to its image. At the same time,
INSTITUTIONS & this has provided the opportunity to build a roadmap for long-term transformation in
THE ECONOMY
the form of the National Recovery and Resilience Plan “Greece 2.0”. Additionally, despite
its severe impact on society and business, the pandemic has accelerated reforms and
led to the digitisation of several public services. In spite of this, there are still significant
opportunities to improve the country’s performance in areas such as the efficiency of
the legal system; further reduction of bureaucracy; creating the appropriate framework
for collaboration between the public and private sector; and overall reinforcement of
meritocracy, transparency and efficiency of institutions and of public governance.