Greek economy is considered to be an economic powerhouse that is in great need of development due to the global economic crisis. As per the latest available statistical data, the GDP (Gross Domestic Product) of Greece stands at an impressive 4.6 percent and this figure is expected to grow further in the future. The main factors contributing to the high economic growth in Greece are its healthy and rapid inflow of tourists and travelers, favorable external environment for both new and old businesses, highly developed infrastructure, liberalization and privatizations, and above all, favorable exchange rates. These factors have facilitated a considerable boost in the purchasing power of the individuals. On the other hand, the external environment has also played an important role in the smooth flow of goods and products. For instance, in order to attain the desired market share in the global markets, Greece needs to liberalize its trade and encourage foreign investments so that it can provide competitive advantage.
In spite of the global economic crisis, the Greek government has remained committed to the path of economic stabilization. This policy has been successful in bringing back the growth of the economy, but it has also achieved a significant improvement in the domestic sectors. The main reason behind the stabilization of the economy lies in the fact that the previous government which was in full support of the previous bailout package implemented by the European Union and the European Central Bank had focused on the liberalization and privatization of the economy. The policy makers saw the advantages of this policy, which enabled them to bring back growth in the gross domestic product (GDP), employment rate, consumer spending, and investment.
The main focus of the previous Greek governments was to ensure that the debt burden was eased off on the shoulders of the citizens. The policy makers saw the benefits of implementing the policy of fiscal consolidation, liberalization and privatization, and they implemented the same in the polity in Greece. The basic idea behind these fiscal policies is that, the state should save money by means of various fiscal policies and then repaying them through various domestic sources. In this way, the burden of the debts could be alleviated from the shoulders of the citizens. It resulted in a major boost in the domestic economy.
The current Greek government is implementing its strategy through various fiscal policies. The current situation has forced it to adopt this fiscal policy, which is proving very beneficial for the Greek economy. The creditors of the country are welcoming the policy of fiscal restraint, which has been instrumental in bringing back the economic growth of the country. The primary reason for the current economic stabilization is the fact that the country has been able to return to the growth path following the global financial meltdown.
The policy makers have been successful in stabilizing the economy through this fiscal policy. Their efforts resulted in bringing back the growth of the Greek economy. The current global recession has left a big negative impact on the Greek fiscal policy. The Greek fiscal policy has been successful mainly because of the support of the previous, Greek governments. The support of the previous Greek governments was the primary factor behind the current Greek growth.
The current Greek economic growth has resulted in creating an opening for many other European countries to follow suit. This process is expected to last for several years. The current Greek policy has helped the country to return to the path of economic recovery.
Greece: on parole – Michael Roberts Blog – greece economic growth 2014 | greece economic growth 2014
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