I know that Greece has had economic woes for some time, but I was surprised to learn that the average Greek worker puts in more hours per year than the average American and significantly more than the EU average. With the recent approval of six day workweeks in Greece, while conversations about shifting to four day workweeks are occurring elsewhere in the world, I’m curious as to what has led to this situation occurring?
In: Economics
Greece struggles with productivity due to several interconnected factors. The country’s economic structure relies heavily on sectors like tourism and shipping, which can be seasonal and volatile. There’s also a high level of bureaucracy and regulatory complexity, which can stifle business growth and efficiency. Additionally, the education system doesn’t always align with the needs of the job market, leading to a skills mismatch. Furthermore, Greece has faced significant economic challenges and austerity measures over the past decade, which have hampered investment in innovation and infrastructure. Together, these issues create a challenging environment for boosting productivity.
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