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World Bank Group

Total reboot: How to fix Greece's economy

After so much pain, Greece must now figure out how to get its economy back on its feet. The scale of the country's financial problems is mind boggling — a full quarter of the economy evaporated in the past six years and business activity is now plummeting further. Government cuts needed to qualify for a new bailout will hurt incomes for years to come. The advice to Greece from economists is simple: start with the basics. Have a steady government and invest in established sectors like tourism and agriculture. In the longer-term, tackle the more difficult but fundamental problems such as tax avoidance, high public debt and complex business laws. It won't be easy, but Greece...