60 % since their trough in 2009, outperforming euro area exports as a whole. · the volume of tradable goods and services in the economy increased cumulatively between 2010 and 2017 by approximately 14 % relative to non - tradables in terms of gross value added. 3. the outlook for the greek economy following the stagnation of 2015 – 2016, gdp growth returned to positive territory in 2017 ( 1. 5 % ) and picked up to 1. 9 % in 2018. recent real gdp data point to continued expansion in the second quarter of 2019 ( 1. 9 % y - o - y ). thanks to the improved economic conditions and to the reforms implemented since 2010, the unemployment rate, though still high, fell to 16. 9 % in the second quarter of 2019, from 27. 8 % at the end of 2013. looking forward, the bank of greece expects that economic activity will remain on a positive growth trajectory, expanding by 1. 9 % in 2019 ( that is by 2. 3 % year - on - year in the second semester of 2019 ) and above 2 % in 2020. 3 / 14 bis central bankers'speeches the outlook is subject to downside risks, related both to the external and the domestic environment. the global growth and trade slowdown due to the imminent trade war could affect export growth more markedly, while the disorderly brexit, geopolitical tensions and the recent increase in oil prices are further significant downside risks. a possible sharp correction in global capital and financial markets could increase the cost and reduce the availability of funding, particularly for the private sector. there are also downside risks on the fiscal front, associated with ongoing court rulings on pension cuts, which could weigh on debt sustainability. in addition, an exacerbation of the refugee crisis could hurt tourism and trade. however, there are also domestic opportunities, relating to a rapid implementation of structural reforms in greece and the reduction ( both direct and indirect ) of the primary surplus fiscal targets. the fact that greece still lags behind its peers and competitors in almost all indices of structural competitiveness, is a huge opportunity for a rapid catch - up which should be exploited. 4. future challenges despite the progress made so far, major short - and medium - to long - term challenges and crisisrelated legacies remain. a ) medium - to long - term challenges the main medium - to long - term challenges are the following : · the high public debt (

then soviet corporation gazprom. to cut a long story short, they convinced me to stay. i went back to oxford and extended my sabbatical leave for a year. lina did not agree at the time. " i'm not going back to greece ", she said, " at least not until you return to oxford for good ". we agreed that this would be the best. deep down, i had always wanted to return to greece. unlike lina. 1 / 8 bis - central bankers'speeches so i returned to athens without her. as a special advisor to the ministry of national economy on sabbatical from the university of oxford. and that was it! i really loved to pair academic work with policymaking. i decided to find a permanent job in greece, something that didn't take long. soon, i joined the university of athens, after a vacancy announcement, at the department of economics. meanwhile, the late dimitris halikias, who at the time was governor of the bank of greece, told me that he would engage me as an advisor to the bank of greece once my contract with the ministry of national economy ended, if i decided to stay in greece and leave oxford for good. i went back to oxford only to resign. lina and i had decided to take risk and quited prominent academic jobs in oxford, london and bristol to return home to greece. the words of my superiors at the university of oxford, the late sir partrick nairne ( provost of st. catherine's college ) and the late robert mabro ( president of the oxford institute for energy studies ), as they were bidding me farewell, are still ringing in my ears : " you must be mad to leave oxford ". they didn't make me change my mind. i left. lina and i did not regret leaving, but we both feel a huge debt to oxford. especially to the true meritocracy of the system. we worked hard, got top - notch doctorate degrees and found top research posts at a very young age. greece has honoured me with very important posts, both in the public and the private sector. i was fortunate and privileged to serve at the economic and financial sectors of my country and to cooperate with the governments of six prime ministers : andreas papandreou, costas simitis, panagiotis pikrammenos, antonis samaras, alexis tsipras and kyriakos mitsotakis.