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Efforts To Recover From The Greek Economic Crisis

966 words - 4 pages

In the prior time to the Greek crisis, the euro was seen as a symbol of success of the European project, but the bankruptcy of the euro to secure economic stability throughout Member States – particularly peripheral countries like Greece – has today become a symbol of EU failure (Woods 2013). After six years of crucial economic recession, Greek economy seems to be dead, which sum of real gross domestic product (GDP) has shrunk by more than one quarter since its apex in 2007. Founded on the Eurostat database, in October 2013, the unemployment rate was 27.8 percent, which consists of 59.2% of the Greek’s youth and one of the highest rates in the European Union. In recent months there have been signs of a likely end of the recession that has so gravely regarded the Greek population. (Evangelos A. Calamitsis 2014)

The latest available data on European Commission stated that the recession has been bottoming-out; and the contraction of the domestic economy was of the order of 3.7 percent in 2013 somewhat below the 4.2 percent drop conceive early in the year, and well under the 6.4% decline in 2012. Moreover, while there are downside risks ahead, various forecasts point to a mild recovery of real GDP, which is close to 0.5% in 2014 and adopted by a substantial growth which between 2% to 3% in 2015, that assuming increases in capital formation and exports of goods and serves.

Reform effort and adjustment that have been enforced throughout the recovery process shows that expected recovery is enormous and painful. Even though the crisis resulting crucial and severe impact, structural reforms have been going into the correct way. For example, the liberalization of various sectors of the economy has been proceeding which the country's international competitiveness has been mostly repaired. In addition, for the first time in many years, the external current account showed a surplus in 2013. (Evangelos A. Calamitsis 2014)

Another example, the planned recapitalization and restructuring of the banking system has been completed, and any additional bank capital requirements are being evaluated in the brightness level of the ongoing stress tests. Later on a few time delays, corruption is being tackled gradually through administrative and judicial activities and it improves productivity and transparency.

Other genes have also served to promote the economic system, is the arrival of tourist to Greece and it contributes almost 16% of Greece’s GDP in 2013 and generates €34 billion of gross. Tourism sector as well contributes to employment which is the entire number of employment is 688800 jobs corresponded to 18.3% of the work force. Even though, Greece facing a crucial financial crisis, Greek tourism has achieved acceptable performance and based on World Tourism Organization (WTO) in the year 2013, Greece was in 32nd place out of 140 nations included in the Travel and Tourism Competitiveness Index, while Greece occupied the 96th position...

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