Greece’s economy during the crisis 2007-2008 and its development prospects

Abstract

Objective: The aim is to assess the situation of Greek economy during the crisis and the problems have affected it up until now.

Research Design & Methods: Descriptive analysis and analysis of main economic and foreign trade indicators (e.g. GDP growth, unemployment rate, UE trade balance).

Findings: The reforms and deregulation of the economy are gradually becoming a positive factor, but these changes are taking place too slowly to give the country an impetus for faster development, even if the unemployment rate has fallen down, the GDP grows up and the budget surplus is observed during the last 4 years. The strength of the actual negative impact that the coronavirus pandemic will have on the Greek economy remains is out of question, especially on the tourism.

Contribution & Value Added: The analysis of the negative crisis and coronavirus pandemic impact on the Greek foreign trade and the all economy which shows that the crisis results were almost over-came when the pandemic began and the Greek government expects a deep recession, reaching up to 10 percent of GDP.

Keywords

Greek economy, crisis, coronavirus, foreign trade, tourism

Author Biography

Ewa Szymanik

Assistant Professor in the Department of Microeconomics of Cracow University of Economics (Poland). PhD in economics (2003). Her research interests include the competitiveness of economies, international trade of European countries (especially intra-EU), problems of the Eurozone countries.

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