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Greece: No Progress Without an Innovation System

Press Release of September 24, 2014

Economically, Greece is still at rock bottom. Following massive cuts to its unit labor costs, the country no longer has any cost problems but its economy has not yet been reanimated. This makes it quite evident that by focusing solely on cost reductions and institutional reforms, the troika program did not go far enough. Without further reforms, certain sectors of the Greek economy such as tourism, agriculture, and commerce will grow, assuming that these sectors increase their added value. However, this is not sufficient to put the country on a path of sustainable growth. At the same time, Greece has enormous research potential. To better take advantage of this, the country needs to expand its innovation system significantly. There is a lack of networking between science, commerce, and management and application-oriented research linking the findings of existing institutions in Greece with the demands of its companies and start-ups. If this results in innovative industries with greater added value in the medium term, the country has a chance of transforming itself into an innovation-driven economy.