Exports, investments and competitiveness will support economic growth in Greece in the next two years, the Organization for Economic Cooperation and Development (OECD) said on Tuesday (11.25).

In a report, the Paris-based organisation, said that "after six years of deep recession in Greece, growth is expected to be positive in 2014 and to gain more dynamism in the 2015-2016 period. Recovery should be led by a dynamic development of exports, strengthened by investment activity and supported by improving competitiveness."

The OECD noted that economic activity grew in 2014 thanks to a significant increase in tourism, improving confidence and a stabilisation of domestic demand. The unemployment rate, although remaining at high levels in 2014, around 26%, is down from historic highs and it is expected to fall gradually to about 24% in 2016. Labor cost per unit will continue falling and competitiveness will improve, supporting exports, the report said.

Concerning Greece’s public debt, the report states that it is expected to surpass 175% of GDP in 2014, adding that an additional restructuring, such as extending maturity and lowering interest rates, could be needed.

See also: Greece Economic & Financial Outlook