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Greece

Greece. Yavor Yanakiev Aleksandar Temelkov. Geographic and Demographic Background Historical development GDP Growth and the Crisis Unemployment Inflation Current Account Trade Balance and Budget Deficit Monetary and Fiscal policy. Today we will present:.

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Greece

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  1. Greece YavorYanakiev AleksandarTemelkov

  2. Geographic and Demographic Background Historical development GDP Growth and the Crisis Unemployment Inflation Current Account Trade Balance and Budget Deficit Monetary and Fiscal policy Today we will present:

  3. Geographic and Demographic Background Population: 11,262,000(2008) Labor force 4.96 million (2008) Labor force by occupationagriculture (12%) industry (20%)services (68%) - 2004 Unemployment 8% (2008)

  4. Historical development • Impacts of the 1923 Treaty of Lausanne (enlarging population, new skills brought) • After World War II, Greece experienced the "Greek economic miracle"; GDP growth averaged 7% between 1950 and 1973. • The rapid economic growth was mainly due to the drastic devaluation of the drachma, which attracted foreign investment • Another key factor was the development of the tourism and the service sector in the country • Delors Package Number 2 (25 billion 1994-1999) infrastructure, training, etc.

  5. GDP Growth • GDP - $351.3 billion (2008) • GDP – Composition by sector agriculture: 3.2% industry: 20.6% services: 76.3% (2007)

  6. GDP And the Crisis • With the economic crisis striking with full strength, number of tourists is expected to plummet which will lower Greece’s economic growth • If the crisis hits countries like Turkey and Bulgaria hard, Greece will take huge losses as its main investment was directed to acquisition of banks in these countries • On the bright side, Greece is expected to be one of the few countries in EU with positive economic growth in 2009

  7. Unemployment • Riots Dec 2008 • Forbs: rose to 9.4 percent in January from 8.9 percent in December resulting in 465,692 unemployed people. • Greece's conservative government to spend an additional euro2.5 billion ($3.3 billion) on job programs as the country's unemployment rate jumped.

  8. Inflation • 1993 EMU • 1994 ECB • 2001 EURO

  9. Current Account • Olympic games 2004 • September 2007 • November 2008

  10. Exports by Country

  11. Exports By Commodities

  12. Imports and Trade Balance

  13. Budget Deficit • EU regulations • Reasons • The public debt of Greece as to the end of 2008 exceeded 93% of GDP • Greece violated the budget deficit rules of the European Union with deficit amounting to -3.4%- EU (2.5%) • The public debt of Greece is expected to rise up to 105.6% of GDP until the end of 2009 • Credit agencies constantly lower Greece’s credit rating, forcing it to borrow at higher interest rates which further increases its debt

  14. Monetary and Fiscal policy • EU with the ECB • Recent Changes in Government Fiscal Policy

  15. Thank you! We are open for questions…

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