Thanks to improved economic conditions and to the reforms implemented, the unemployment rate, though still high, fell to 18.7% in the fourth quarter of 2018, from 27.8% at the end of 2013. 3. The Greek economy continues to face major challenges Despite the progress made so far, the Greek economy continues to face major challenges and crisis-related legacies.
The European Commission, in its report for the European Semester of 2019 (see European Commission, 2019), points out that Greece faces excessive macroeconomic imbalances.